Russia's embattled ruble ends 5-day rally, drops 4 per cent

MOSCOW – The Russian currency has ended its five-day rally and declined 4 per cent as the markets remain jittery over the outlook of the Russian economy.

The ruble has been the worst performing currency this year along with the Ukrainian hryvnia, having lost nearly half of its value against the dollar.

Russian Finance Minister Anton Siluanov announced on Thursday that the ruble seems to have finally found its fair value.

But after gaining nearly 15 per cent in the past five trading days, the ruble declined by 4 per cent on Friday to 54 rubles against the dollar.

Russian monetary officials have made stabilizing the ruble their priority, introducing a number of drastic measures to support it such as raising the key interest rate to a whopping 17 per cent.