Russian ruble hit lowest level against dollar since May

The Russian ruble fell to its lowest level since early May, crossing the $70 level today, Wednesday, bringing its monthly losses to nearly 14 percent, in light of fears of sanctions imposed on Russian oil and gas.

By 0939 GMT, the ruble fell 2.5 percent against the dollar, recording 70.60, after touching 70.7550 earlier.

According to Reuters, the Russian currency also fell 2.4 percent, recording 75.22 against the euro, surpassing the 75 level for the first time since late April. It also fell against the yuan, 2.1 percent, to 10.10, which is near its lowest level in seven months.

The ruble has already lost more than 8 percent this week against the dollar and about 12 percent since the Russian oil price cap came into force.