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Russian Ruble Collapses to 7-month Low

The Russian ruble plunged 2.3 percent on Monday to hit a seven-month low amid a further drop in oil prices, the country's key export. The ruble traded at 70.7 to the dollar in early trading in Moscow, its lowest level since Jan. 30, when Russian markets were hit by a combination of low energy prices and Western sanctions. Oil is the backbone of the Russian economy and the fall of the ruble follows a sharp decline in the price of crude. The U.S. oil contract on Friday dropped below...

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