Ruble Follows Oil Price in Decline, Rebounds
The Russian ruble fell today, before rebounding later, as prices for crude oil, the chief export of the country, declined, resulting in a drop of the trade balance surplus.
Crude oil prices fell 0.2 percent to $96.86 per barrel in New York today, heading for a second weekly drop. The prices were under pressure from swelling US stockpiles and the European credit crisis. Russia’s trade surplus shrank to $19.4 billion in March from $20.3 billion in February. Analysts predict that the ruble is likely to fall against the dollar next week.
USD/RUB climbed from 30.1350 to 30.2430 before retreating to 30.1420 as of 18:12 GMT today.
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Earlier News About the Russian Ruble:
- Crude Oil Prices Drag Ruble Down (2012-04-10)
- 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)