Russian rouble drops further

MOSCOW, SEPT 3: Moscow8217;s currency exchange reopened rouble-dollar trading Thursday a week after being shut down, but the resumption did little for the beleaguered Russian currency, which slumped to a daily fixing of 13.46 to the dollar.

Street exchange booth rates were even lower with a buy-sell spread of 15-17 for the greenback, while in afternoon interbank trading, the rate slid to as low as 16.96. The Russian central bank yesterday had set an official rate of 12.8198 rubles against the greenback.

The rouble has now lost more than 50 percent of its value against the dollar since it was effectively devalued on August 17, when a ruble bought 15 cents as opposed to barely seven cents today.