“It dropped 4% to 82 rubles per U.S. dollar on Wednesday, passing a previous low hit in late 2014 and piling on the pain for an economy already deep in recession. “
I’m confused. They say the strong dollar is hurting us. Shouldn’t they be booming?
The cheap ruble is an effect, not a cause, of the oil-glut-induced decline in the Russian economy. The Russian economy is heavily dependent on exports of the products of its extractive industries, especially oil and natural gas.