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Rouble's plunge shows Russia's reliance on Western money MOSCOW: A steep plunge in the rouble, caused by sanctions over the Ukraine crisis and falling oil prices, has underlined Russia's heavy dependence on Western finance to balance its dollar-thirsty economy.For all President Vladimir Putin's anti-Western bravado and talk of shifting Russia's economic ties to Asia, the last few weeks show the opposite - that the cogs of the economy are oiled by financial flows from the West.A fall in foreign exchange inflows has prompted some economists to ask whether Putin and his government might be encouraged to wind down the conflict in Ukraine and divert resources and attention to the economy."There's enough incentive on them to make a political settlement ... With Russia the story is about FX," said one economist, who requested anonymity. "That is Russia's Achilles' heel."The rouble has shed some 20 percent against the dollar this year, including 6.5 percent in the last month alone, and ...

Sterling held back by dampened UK rate hike expectations LONDON: Sterling fell against the dollar on Thursday, moving back towards the previous session's 11-month low, on expectations that a rise in British interest rates will be delayed.The dollar stabilised after a sharp sell-off on Wednesday following weaker-than-expected retail sales data. That pushed back expectations for a rate rise in the United States into 2016 and investors cut favourable dollar bets.Sterling was down 0.3 percent against the dollar at $1.5975 , having hit $1.5875 on ...
Dollar creeps back as growth worries dominate LONDON: The dollar recovered a third of a percent in value against other major currencies on Thursday after recording its steepest daily fall against the euro in well over a year in the previous session. A day of carnage on markets on Wednesday was marked by a return of the concerns over Greece which have haunted Europe for five years and some much poorer than expected US data, all adding to worries over global growth. ...
Russian rouble loses more ground, breaching trading band MOSCOW: Russia's rouble struck a new all-time low against the dollar on Wednesday and again breached the limits of its trading band, as traders said the bill for the central bank's defence of the currency this month has exceeded $10 billion.The rouble has been under pressure for months due to broad risk aversion towards Russian assets because of the country's role in the Ukraine crisis and Western sanctions which have starved Russian firms of foreign ...
No respite for pound as UK wages lag inflation LONDON: Sterling stayed near an 11-month low against the dollar on Wednesday, giving up early gains as weak jobs data did little to shake a growing conviction that UK interest rates will not rise until well into 2015.Jobs growth in Britain was at its slowest in more than a year in the three months to August, official data showed, even as the unemployment rate fell more than expected. Workers' earnings inched up, lagging far behind ...
Falling oil prices hit Canadian, Norwegian currencies; dollar firm LONDON: The Canadian dollar fell to a five-year low and Norway's crown slid to a four-year trough against the U.S. dollar on Wednesday as investors fled the currencies of economies that are grappling with a drop in energy prices.The Norwegian crown, which tends to have a good correlation to crude oil prices, also fell to a two-month low against the euro.The euro slipped against the dollar, and with euro zone inflation expectations falling rapidly, traders ...
Sterling sell-off picks up after soft UK inflation data LONDON: Sterling fell to a one-month low against the euro and headed towards its lowest against the dollar since last November after UK inflation slowed more than expected, pushing back expectations of a rise in UK interest rates well into 2015.UK consumer prices rose 1.2 percent on the year in September, compared with 1.5 percent in August, as the prices of food and motor fuels both fell, the Office for National Statistics said.Sterling fell 0.8 ...

 



 
Index Closing Chg%
Arrow DJIA 16,380.41 1.63
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-2.807 bln
Exports $1.911 bln
Imports $4.718 bln
WeeklyOctober 10, 2014
Reserves $13.401 bln