Rouble's float follows plunge against dollar - sign of Russian economic woe
Russia heading for recession, investors on run and prices in shops surging
Plagued by sanctions imposed over the Ukraine crisis and by falling oil prices, Russia's economy is struggling and the rouble has lost a third of its value this year, hitting a record low.
On Monday, the national central bank decided to freely float the currency and shield it more from speculators.
The move, which aims to spare the central bank from spending billions in reserves on supporting the currency, highlights the extent of Russia's economic decline.
The country appears to be sliding towards recession and investors are pulling out their money or seeking the safety of foreign currencies.
For ordinary Russians, the plunge has fuelled fears of a spike in inflation, as imports of goods such as cars or clothes become more expensive.
"With groceries, the prices are rising significantly," said circus acrobat Yuri Friyuk. "It never seems like it's hitting your pocket that hard, but by the end of the month you feel the difference."
The decline this year seems gradual enough that Russians weren't openly upset, but the sharp dip this month, when the rouble hit its historic low of 48 to the United States on Friday, compared with against 32 in January, may cause anger to rise.