Russian ruble drops by 41 percent vs. US dollar in 2014

Russian ruble drops by 41 percent vs. US dollar in 2014. Russian ruble loses value

The rate of the Russian national currency has dropped by 41% against the US dollar and by 34% against the euro.

The US dollar finished the last day of trading in 2014 on the stock exchange on the level of 56 rubles. The European currency was traded on the level of 68.65 rubles. For comparison, at the end of 2013, the exchange rates made up 32.84 rubles per one dollar and 45.33 rubles per one euro, RIA Novosti reports. 

The dollar and the euro hit a record high level on December 16, 2014, when the exchange rates rose to 80.1 rubles per dollar and to 100.74 rubles per euro. That day, the devaluation of the ruble in comparison with the rate from the beginning of the year made up 59% against the dollar and 55% against the euro, says Rosbalt.

The main reason for the collapse of the Russian ruble was the speedily decline of oil prices. Another important factor is the confrontation between Russia and the West because of the Ukrainian crisis.