The Ruble Is Tumbling...Again

Russia's currency slipped below 62.5 rubles to the dollar on Tuesday as falling oil prices threaten to unwind the government's efforts to defend the currency.

After halting the rout last month that saw the ruble briefly touch 80 rubles to the dollar and 100 rubles to the euro through massive currency interventions in December, the authorities have proven unable to unwilling to prevent further slides at the start of the new year.

The recent falls have been predominantly driven by the continued falls in the oil price, which hit a new five year low on Tuesday.