Updated 2:53 p.m. Moscow Time
MOSCOW, October 24 (RIA Novosti) - The Russian ruble hit a new low against the US dollar on Friday, reaching an all-time low of 42 rubles to the dollar, according to data from the Moscow Exchange.
At 2:09 p.m. Moscow time (10:09 GMT) the dollar climbed by 27 kopecks to 41.98 rubles. The euro also strengthened by 29 kopecks, reaching 53.09 rubles to the euro on Friday.
The Russian national currency has been trading at significant lows all autumn, losing its position due to increasing geopolitical risks and declining oil prices. Since the beginning of October the Russian Central Bank has sold about $16 billion to slow this process and allow ruble to stabilize at a new level in accordance to the current macroeconomic situation.
On October 17, Russian President Vladimir Putin said the Central Bank would adopt a floating exchange rate to support the national currency.
Commenting on this decision, Russian Economic Development Minister Alexei Ulyukayev said that the transfer which is due to begin in 2015 would not weaken the country's national currency any further, as the Minister understood the ruble "to already be a floating currency".