The Moscow stock exchange on Friday dropped by five percent as Russia's energy-dependent economy reels from low oil prices, while the country's currency hit a new low.

The dollar-denominated RTS index dropped by 5.03 percent by 1140 GMT, while Russia's battered ruble stood at 77.73 against the dollar and 84.71 against the euro for the first time since the currency slump of December 2014.