Economic Slowdown

: The ruble is now at its lowest level against the dollar since Feb. 5 and approaching its 2015 low of 71.85, reached on Jan. 30, according to The Moscow Times. International oil benchmark Brent was down 1.2 percent to $46 per barrel, on a day when global markets are reeling from weak Chinese manufacturing data that has underscored the extent of China economic slowdown. At 1200 GMT, the ruble was 0.5 percent weaker against the dollar at 68.12 and had lost 0.8 percent to 77.00 versus the euro. China is a major buyer of commodities such as oil that account for the bulk of Russian exports. Analysts at Sberbank CIB said in a note that 717 billion rubles were due to be paid in taxes, but added this would be not change the ruble direction. "As oil prices continue to slide, a further dollar / ruble rise is inevitable," they wrote. However, the ruble decline on Friday was relatively modest compared with its slide over the previous days, reflecting sales of foreign currency by exporters who need rubles to pay monthly taxes next week. (news.financializer.com). As reported in the news.