Russian Ruble Falls To 5-day Low Against U.S. Dollar

The Russian Ruble drifted lower against the U.S. dollar ahead of European deals on Monday, following Moody's downgrade of Russia's sovereign rating to junk status and continued decline in oil prices.

In a statement late Friday, the rating agency slashed Russia's sovereign debt rating to Ba1 from Baa3, citing Ukraine crisis and the recent oil price decline and exchange rate shocks could curtain Russia's economic strength and medium-term growth prospects. The rating outlook is negative.

Oil prices continued their decline, as concerns over oversupply remained and traders reacted cautiously to an extension Greece managed to secure to its bailout agreement.

The ruble fell to a 5-day low of 63.94 against the greenback, off early 1-1/2-month high of 59.94. The next possible downside target for the ruble is seen around the 65.5 mark. At Friday's close, the pair was quoted at 62.31.