Ruble Drops with Crude Oil Prices

The Russian ruble slid today after the prices for crude oil went down on outlook for slower global economic growth. The decline will test the commitment of Russia’s central bank to allow the exchange rates to float more freely.

Oil, Russia’s main export revenue source, slumped as much as 4.3 percent yesterday as China raised its interest rates, causing the speculation that the slower growth of world’s biggest energy consumer would hurt the demand for fuel. Bank Rossii widened last week the floating corridor for the ruble as it desires “increased flexibility” in the exchange rate.

USD/RUB rose from 30.733 to 30.784 as of 12:06 GMT today after it earlier tumbled to the intraday low of 30.525.

If you have any questions, comments or opinions regarding the Russian Ruble,
feel free to post them using the commentary form below.

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *