After Dubai affirmed that it will delay its debt payments, emergent markets currencies like the Russian ruble rated among the most affected, but central bankers affirm that this decline will help exporters’ competitiveness, treating the event with an odd optimism.

The current strength of the Russian currency was already impacting national companies, mainly commodity exporters, and a wave of pessimism started as Dubai affirmed it will delay its debt payments forced the ruble down, widening oil companies profits in a phenomenon seen positively by Bank of Russia officials.

USD/RUB closed at 29.34 in Moscow from an opening rate of 28.77 this Friday.

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