Russian ruble slides in international markets despite central bank action

Economic Indicators Associated Press

The Russian ruble is falling under the pressure of cheaper oil and despite a recent boost from the central bank.

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The ruble was down 0.9 percent in afternoon trading in Moscow on Thursday, at 59.2 rubles against the dollar.

The decline comes a day after the Russian central bank halted daily purchases of foreign currency in an attempt to stop a week-long slide in the national currency. The ruble on Tuesday hit 60 rubles to the dollar, its lowest point in more than four months, after five days of losses.

The currency took a battering in 2014 because of a slump in global oil prices and recovered somewhat early this year before falling again. A weaker ruble threatens the government's plans to curb inflation, which was 15 percent in June.