Russian rubles drops in early trading

MOSCOW (AP) ? Russia's currency, the ruble, has dropped in early trading for the eighth straight day.

The ruble lost 0.6 percent against the U.S. dollar at the MICEX exchange 30 minutes into the trading.

The currency lost 2.2 percent on Thursday and over 5.3 percent this week, pressured by the lower oil prices, the backbone of Russia's economy.

The Urals blend, viewed as a benchmark price for the oil that Russia exports, has lost more than 5 percent of its value this week and closed 0.8 percent lower, at $99.8, late Thursday.

Russian markets posted moderate gains at the opening.

Associated Press

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