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Russia’s ruble extends its slide despite central bank action

A man looks at his cell phone next to an exchange office sign showing currency exchange rate in Moscow, Russia, Monday, July 27, 2015. The Russian ruble dropped by 2 percent on Monday, to nearly 60 rubles against the dollar, battered by low oil prices.(AP Photo/Alexander Zemlianichenko)
A man looks at his cell phone next to an exchange office sign showing currency exchange rate in Moscow, Russia, Monday, July 27, 2015. The Russian ruble dropped by 2 percent on Monday, to nearly 60 rubles against the dollar, battered by low oil prices.(AP Photo/Alexander Zemlianichenko) A man looks at his cell phone next to an exchange office sign showing currency exchange rate in Moscow, Russia, Monday, July 27, 2015. The Russian ruble dropped by 2 percent on Monday, to nearly 60 rubles against the dollar, battered by low oil prices.(AP Photo/Alexander Zemlianichenko)

By Associated Press 1 min read

MOSCOW (AP) – The Russian ruble is falling under the pressure of cheaper oil and despite a recent boost from the central bank.

The ruble was down 0.9 percent in afternoon trading in Moscow on Thursday, at 59.2 rubles against the dollar.

The decline comes a day after the Russian central bank halted daily purchases of foreign currency in an attempt to stop a week-long slide in the national currency. The ruble on Tuesday hit 60 rubles to the dollar, its lowest point in more than four months, after five days of losses.

The currency took a battering in 2014 because of a slump in global oil prices and recovered somewhat early this year before falling again. A weaker ruble threatens the government’s plans to curb inflation, which was 15 percent in June.