The Russian ruble climbed today as prices for Urals oil rose and Russia’s borrowing costs fell. Trades retained their confidence from Friday and that helped riskier currencies, including the ruble.
Futures on Urals crude surged as much as 3 percent to $109.81 per barrel on August 3 and traded at $109.06 today. About 50 percent of Russia’s export revenue comes from oil and gas exports. The yield on the Russian bonds maturing in 2015 fell by 2 basis points to 1.878 percent.
USD/RUB was down from 31.9925 to 31.6040 as of 13:53 GMT today.
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