Market Overview

Russian Stocks Tumble On Weaker Ruble

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An exchange-traded fund that seeks to mirror Russian stocks fell more than 10 percent Monday, as the ruble hit new lows against the dollar.

The Russian ruble traded recently at 62.45 to the U.S. dollar, down about 4 percent despite a rumor reported by The Wall Street Journal that Russia's Central Bank had intervened to bolster the currency.

Related Link: Russian Ruble Hits A Record Low

Russian ETF Down

The Russian fund Market Vector Russia ETF Trust (NYSE: RSX) changed hands recently at a 52-week low of $14.02, down 11 percent.

The fund, hurt by plunging oil prices and Western sanctions on Russia related to the crisis in Ukraine, is off more than 50 percent year-to-date.

Fund components Lukoil (ADR) (OTC: LUKOY) and Gazprom OAO (ADR) (OTC: OGZPY) were each off about 10 percent.

Russian steel maker Magnit fell more than 15 percent on the Paris Bourse, while Russian bank Sberbank Rossia OAO - ADR (OTC: SBRCY) was off more than 13 percent.

Posted-In: Central Bank of Russia Paris Bourse Ruble RussiaNews Rumors Currency ETFs ETFs

 

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