Russian ruble falls to new lows in rapid slide

Members of social network group "I Really Like Putin" perform in front of a two-meter Russian Ruble coin in Moscow on August 18, 2011 (AFP Photo/Alexander Nemenov) (AFP)

Moscow (AFP) - The ruble on Thursday slid to new lows of over 46 to the dollar and 58 to the euro, which gained more than two rubles in one day.

The euro reached 58.11 rubles after the market closed Thursday, up from 56.08 rubles the previous evening. The dollar rose to 46.77 rubles from 44.95 rubles late Wednesday.

The Russian currency has fallen in value by about a quarter this year despite a number of interventions by the central bank costing billions of dollars.

The slide has been more intense over the past month amid falling oil prices, which provide the Russian budget with the majority of its revenue.

The former deputy minister and current chief economist for Vneshekonombank, Andrei Klepach, said this week that Russia might as well "learn to live with" the falling ruble, adding that its current loss also has to do with the economy's enormous capital flight.

"If it weren't for capital flight, the rate would be around 35-36 rubles to the dollar," he told

The currency has been hit hard by plunging oil prices and also the consequences of Western sanctions against Moscow over its conduct in the separatist insurgency in eastern Ukraine and its growing international isolation.