Crude Oil Prices Drag Ruble Down
The Russian ruble was down today, falling for the third day, as prices for crude oil, the main nation’s export, declined amid concerns about the global economic recovery.
Futures on crude oil fell $0.16 to $102.30 per barrel in New York, following yesterday’s decline by 0.8 percent. The ruble depends on the performance of crude as the commodity is the main export good of Russia. Oil was falling on concerns that the global economic slowdown will hurt demand for fuel.
USD/RUB rose from 29.5680 to 29.6700 as of 14:37 GMT today.
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Earlier News About the Russian Ruble:
- Russia's Ruble Follows Crude Oil in Decline (2012-04-04)
- Russian Ruble Falls as Eurozone GDP Spurs Risk Aversion (2012-03-06)
- Ruble Decline After Bank Rossii Keeps Rates Unchanged (2012-02-03)
- Ruble Slows Rally vs. Dollar as Bank Rossii Sells Currency (2012-01-27)
- Ruble Drops with Oil, Bank Rossii Eases Control Over Currency (2011-12-29)