Ruble tumbles further along with oil prices

bangkokpost.com ^ | 13 Jan 2015 | afp

[Berlin_Freeper]

MOSCOW - The Russian ruble tumbled against the dollar and the euro for the second day in a row on Tuesday, punished as oil prices plunged further.

The ruble was worth 64.68 against the dollar and 76.43 against the euro at around 0900 GMT, down from 63.17 and 74.68 on Monday evening.

Stocks in the oil exporting nation were also hit, with the RTS index down 2.64 percent at around 0900 GMT.

Russia's budget depends heavily on revenues from oil and gas, and the ruble's fall on Tuesday came as the price of a barrel of Brent fell to around $46, approaching 6-year lows.

[Berlin_Freeper]

Ruble Deathwatch™

[Berlin_Freeper]

Dairy consumer prices in Russia are on the rise resulting in consumers looking for cheaper alternatives or causing them to stop buying dairy products altogether according to DairyCo.

[Berlin_Freeper]

Milk prices around the world have fallen by more than 50% over the past 12 months, as good weather has helped many farmers deliver a surplus, while producers in the US and New Zealand have been ramping up production. But demand from China has been lower than expected, while a Russian import ban has led to a glut of cheese and yogurts on the market.

[Berlin_Freeper]

"I think the relevant structures (government bodies) should think of that.”

[Berlin_Freeper]

Over the past month, the average price you’ll pay for a pound of cheddar cheese dropped from $2.03 to $1.64. The price for a gallon of milk over the past few weeks went from $3.40 to $3.15.

[Berlin_Freeper]

Corner shops are becoming black market cheese dealerships.

[Zhang Fei]

“What do Vladimir Putin, the oil price, and the ruble’s value against the dollar have in common? They are all 62.”

That was during the good old days of 2014.