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The Latest: Russian currency plunges amid oil price drop

LONDON – The Latest news on global financial markets (all times local):

9:50 a.m.

The Russian currency has plunged by more than 3 per cent after a weekend meeting of oil-producing nations failed to agree on a production freeze.

The ruble enjoyed a significant rise in its value since February, including in the past week amid anticipation over the meeting of oil ministers in Qatar.

Russia is a major energy producer and exporter, and its currency depends heavily on the price of oil.

The ruble traded 3 per cent lower at 68.4 rubles to the dollars in early trading on Monday on the news that the 18 oil-producing countries meeting in Qatar over the weekend did not reach a deal on freezing production.

Russia is running a 3 per cent budget deficit and its economy is expected to contract by over 1.5 per cent this year.