The Russian ruble is down another 0.8% against the dollar Friday, following the almost continual decline since the summer. The Russian currency is down nearly 17% against the dollar since the end of June.
The collapse follows uncertainty about the Russia’s plans in Ukraine, international sanctions, and the falling price of oil.
The Wall Street Journal notes that the Russian central bank is now intervening so heavily to prop up the currency that you can see the time its traders go home, because of the drop in the ruble’s value.
This is just the latest incarnation of the ruble’s seemingly endless slump. Fed haters, take note, this is what the real debasement of a currency looks like. The ruble is worth only a tenth of what it was against the dollar in 1995.