The Russian rouble fell to fresh record lows, following weakening oil prices and poor manufacturing data from China.

Earlier, the rouble was 3.1 per cent weaker at 52.00 against the dollar and 2.5 per cent down at 64.55 against the euro.

Oil fell more than $2 a barrel to a five-year low in Asian trade on Monday, hitting the rouble hard as crude remains Russia’s top export.

Both US crude and Brent have fallen for five straight months, oil’s longest losing streak since the 2008-9 financial crisis.

Adding to the rouble's plunge was data showing that manufacturing in China, a major market for exports of Russia's raw materials, fell to a six-month low. "The only thing that matters to Russian market participants right now is how quickly the central bank will intervene in what is happening," Gleb Zadoya, head analyst at Profit investment house in Moscow, said in a morning note. The central bank, which let the rouble float in early November, has not intervened in the foreign exchange market since, saying it would do so only if it considers the

rouble’s fall threatening to financial stability.

"Well, let's see if the current collapse of the rouble is considered such a threat," Mr Zadoya said.

Reuters