Rouble Suffers Biggest 9% Fall Since 1998

Hits 52 against Dollar

The currency slid almost 9% against the dollar before rallying after suspected central bank intervention.

Russia is heavily dependent on revenues from oil exports, making its currency vulnerable to falling prices.

Brent crude hit $67.53 a barrel, the lowest it has been since October 2009, before regaining some ground.

It was just above $70 in late trading on Monday, while US crude was at $66.34 a barrel, having hit an intraday low of $63.72 - the lowest since July 2009.

Russia is the world’s second-largest oil exporter, with oil and gas accounting for 70% of its exports and half of government revenues.

Oil prices have fallen by more than a third since the summer, while the rouble is down nearly 40% against the dollar since January.

The economy has also been hit by western sanctions imposed on Russia in retaliation for its annexation of Crimea, and support for separatists in parts of eastern Ukraine.

The currency regained some ground to be at 52 roubles against the dollar and 64 against the euro, still down some 4% for the day at the end of the main trading session in Moscow.