Ruble Declines as Russian Officials See Opportunity

  November 27th, 2009 at 19:04

Russian rubleAfter 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.

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

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