Russia's ruble extends record slide on OPEC decision

(MENAFN- AFP) The ruble lost another 1.5 percent of its value on Friday morning as it extended a record slide after the OPEC oil cartel's decision to leave its output ceiling unchanged.

The beleaguered Russian currency was down 1.55 percent and trading at 49.33 rubles to the dollar 45 minutes after trading opened on the Moscow Exchange.

The ruble shed 1.42 percent and was valued 61.45 against the euro -- also an historic low.

The Russian currency lost more than three percent of its value on Thursday in response to OPEC's decision not to cut back production to support prices that have fallen by about a third since June.

The price of oil on international markets is critical to energy-rich Russia, which generates about half its federal budget revenues from oil and natural gas exports.

The ruble has depreciated by about 30 percent this year due to the energy price implosion and Western economic sanctions imposed over Russia's intervention in ex-Soviet Ukraine.