Ruble Goes Higher with Oil Prices & Central Bank’s Support
The Russian ruble advanced today for the second day as the nation’s central bank stepped up to support the currency and crude oil, the main Russia’s export, rebounded after reaching a lowest level in more than a year.
The Bank Rossii (Russia’s central bank) boosted its sales of foreign currencies to $250 million to $300 million yesterday as a measure to support the ruble. Brent crude oil gained yesterday after reaching the lowest level since January 2011, but retreated today. The MSCI Emerging Markets Index of equities rose 0.3 percent on hopes that global economic growth will pick up momentum.
USD/RUB fell from 33.4620 to 33.1880 as of 11:12 GMT today.
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Earlier News About the Russian Ruble:
- Ruble Follows Oil Price in Decline, Rebounds (2012-05-11)
- 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)