Ruble Gains on Oil Prices & Risk Appetite
The Russian ruble advanced today as prices for crude oil, country’s major export, rose and the Forex market sentiment was favorable to riskier currencies after the European Central Bank announced its asset-purchase program.
Futures on Brent crude oil climbed as much as 1.4 percent to $114.73 per barrel in New York, rising for the second day. Crude oil and natural gas makes up about 50 percent of Russia’s export revenue. The ECB announced its bond-buying program today. The resulting optimism of FX traders was positive for riskier currencies of emerging markets.
USD/RUB was down from 32.2865 to 31.9780 as of 16:35 GMT today.
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Earlier News About the Russian Ruble:
- Ruble Rises as Stimulus Expectations Boost Oil (2012-08-23)
- 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)