Ruble Benefits From Oil Rally

Russia is one of the main suppliers of oil for Europe, and today, as the energetic commodity continued to climb, the ruble profited from renewed confidence in trade markets and gained versus several currencies of its trading partners.

The ruble continued its longest winning streak in 2010 so far this Monday, as the crude oil traded above $74 a barrel today, allowing commodity-linked currencies to outperform less appealing options in foreign-exchange markets as optimism was predominant during this Thursday’s session.

USD/RUB closed at 30.19 from an opening rate of 30.27.

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