The Russian ruble tumbled on Monday, building on 2014's record decline, after new figures showed the country's economy shrunk in November for the first time in over five years. The U.S dollar rose as high as 58.91 against the ruble on Monday—a more than a 9.5 percent change—after the Russian economy ministry said that the country's gross domestic product (GDP) fell by 0.5 percent last month. This was the first drop since September 2009, according to Reuters, and comes after the Russian government forecast that GDP could decline by as much as 4 percent next year. Russia's manufacturing sector also shrank for the first time in six months in December, according to the HSBC purchasing managers' index out Monday.



People walk past boards showing currency exchange rates in Moscow, December 17, 2014. Maxim Zmeyev | Reuters

The renewed ruble turmoil came after a few days of stabilization that saw Moscow attempt to reassure markets the worst was over. Finance Minister Anton Siluanov said that liquidity fears had receded and the currency had found its equilibrium, the U.K.'s Financial Times newspaper reported on Christmas Day.

Read MoreRussia's Putin scraps New Year's holidays for ministers The ruble has declined around 70 percent since the start of the year, taking a hit on the military incursions in Ukraine and the subsequent imposition of international economic sanctions on Russia. Investor concerns have also focused on the country's slowing domestic economy and the potential hit from the dramatic slump in international oil prices.