Ruble down to pre-conflict value against dollar

The ruble fell against the U.S. dollar in Thursday trading to the value it held just before Russia sent troops into Ukraine more than a year ago.

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The rate of 81.375 to the dollar at the end of the day continued a slow but steady decline that began in mid-January. It reflected persisting concerns about Russia’s long-term economic prospects amid international sanctions, a European Union ban on seaborne oil exports and the wide-ranging departure of Western companies from Russia.

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The ruble lost about half its value in a plunge in the early days of the Ukraine conflict but recovered after Russia enacted capital controls and even gained substantial value. In June, it was trading at about 52 to the dollar.

The ruble has dropped about 35% in value since mid-January.