Russia’s ruble fell more than 6 percent against the U.S. dollar on Monday, dragged down by weaker oil prices in volatile holiday trade.

At 5:36 p.m. in Moscow, the ruble was 6.4 percent weaker at 59.59 rubles to the dollar and 3 percent weaker against the euro at 70.74.

Oil prices, which have declined more than 50 percent from peaks in June last year, hit a five-and-a-half year low as doubts about global growth fanned fears of a supply glut.

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