The Russian ruble dropped today as worries about the health of the global economy spurred risk aversion and drove investors away from riskier currencies of emerging markets.
US President Barack Obama meets with Congress today to negotiate measures for avoiding the fiscal cliff. Yesterday’s report showed that the eurozone, the biggest trading partner of Russia, remains in recession. The poor economic data led to decline of prices on crude oil, the major source of Russia’s export revenue.
USD/RUB 31.6655 to 31.7190 as of 14:25 GMT today, reaching the high of 31.8335 intraday.
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