Ruble Rises as Stimulus Expectations Boost Oil
The Russian ruble advanced today as speculations that central banks of China and the United States would ease their monetary policies spurred price for crude oil, the main export of Russia.
The Federal Reserve mentioned in its policy minutes that some stimulating measures may be implemented quite soon. People’s Bank of China Governor Zhou Xiaochuan suggested that interest rates and bank reserve requirements may be changed in case of necessity. The comments boosted prices of crude oil. Brent grade of crude advanced as much as 1.1 percent to $116.18, reaching the highest price since May.
USD/RUB fell from 31.7875 to 31.7240 as of 12:24 GMT today, while the daily high was at 31.9030.
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Earlier News About the Russian Ruble:
- Ruble Falls as Traders Feel Doubts About QE (2012-08-15)
- Ruble Rises with Oil & Bonds, Gives Away Gains (2012-08-13)
- Bank Rossii Keeps Rates Steady, Does Not Help Ruble (2012-08-10)
- Ruble Rises as Oil Prices Advance & Borrowing Costs Fall (2012-08-06)
- Ruble Falls as Market Sentiment Poor After ECB Policy Decision (2012-08-03)