Russia's Ruble Currency Hits All-Time Low as Sanctions Bite

Russia's ruble currency is hitting an all-time low as the country's economy struggles with the combined blows of Western sanctions and a worldwide fall in oil prices. In trading on the MICEX exchange, the ruble dropped to 44.9 to the U.S. dollar late Wednesday, that's about a 3% fall for the day. The ruble has lost more than 25% this year. Russia has been hit by sanctions from the United States and the European Union over the Ukraine crisis, and prices are falling for oil, a key export. In addition, the Russian Central Bank said Wednesday it would limit its intervention in the currency markets to $350 million a day. The bank spent as much as $3 billion a day in October trying to prop up the ruble.