Russia's ruble tumbles amid market turmoil

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Russia's ruble has dropped nearly 2 percent amid the turmoil affecting global stock markets and oil prices.

The ruble was down by 1.9 percent at 80.1 rubles to the U.S. dollar in late afternoon trading in Moscow on Thursday.

The decline comes amid tumult in global financial markets and as the price of oil, the backbone of the Russian economy, falls due to a glut in supply.

Economists say the ruble still has not fallen low enough to help government finances, which have been hurt by the collapse in oil prices. A weaker ruble helps boost state coffers because the state gets its oil revenue in dollars.

Central Bank chief Elvira Nabiullina rejected Thursday reports that authorities may welcome the depreciation of the ruble in order to help state finances.