Moscow - AFP
The Russian ruble on Monday fell to new lows despite repeated interventions by the central bank to keep the national currency afloat.
The ruble crumbled to 58.81 to the dollar and 73.23 to the euro after the Moscow Exchange opened Monday morning.
The slump came even though the Central Bank has spent nearly $6 billion so far this month on market interventions to slow the ruble's slide.
The bank made interventions every day last week, and on Thursday decided to hike its key rate by one percentage point to 10.5%.
The ruble's depreciation continued through the weekend however, pulled down by a global slump in oil prices and the effect of Western sanctions imposed over Moscow's annexation of Crimea and its role in eastern Ukraine.
"During a crisis like the one Russia is experiencing now, only changing expectations can lead to stabilisation," economist Maxim Buyev wrote in the Vedomosti daily to explain the seemingly unstoppable slide of the national currency.
"The government must offer a clear plan of reforms," he added.
Vedomosti further reported Monday that the government plans to cut budget spending by 10 percent in 2015. The cuts would impact transportation programmes as well as spending on space, aviation and development of the rar east, the report said.
The 2015 budget is balanced on the assumption of selling oil at $95 per barrel -- a price well above the current level hovering around $60.