The ruble appreciated today as prices for Brent grade of crude oil rose and exporters were buying the currency to pay taxes.
Futures for Brent crude rose 0.03 percent to $102.85 per barrel today. Russian companies pay taxes today, therefore they had to convert their earnings in the local currency, increasing demand for the ruble. The Russian currency was heading to a 5.4 percent drop in the quarter, the worst quarterly decline in a year.
USD/RUB fell from 32.8117 to 32.7660 as of 11:48 GMT today and its daily minimum was at 32.7525.
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