There are multiple origins and meanings for the name:
1. Hebrew name (רות) meaning - "faithful she-companion". The name comes from the "Book of Ruth".
2. Derived from the Latin word rufus meaning - "red"
Ruth - famous biblical Righteous, the main character in the "Book of Ruth". Her life belongs to the last years of the troubled period of the Judges.
Ruth was a Moabitess, who married into the Hebrew family of Elimelech and Naomi, took her religion and moved with her from Moab to Bethlehem where they settled. Righteousness and beauty of a young Ruth was the reason that she became the wife of noble Boaz, and became the great-grandmother of king David.