Ruble Drops with Crude Oil, Erases Losses Later
The Russian ruble advanced today, erasing its previous losses. Earlier, the currency declined as the worsening market sentiment hurt prices for crude oil, Russia’s major source of export revenue.
Futures on crude oil lost 0.2 percent to $95.95 per barrel in New York today. Prices dropped as the traders’ mood was spoiled by the political turmoil in Europe. That drove investors away from the ruble, but the currency managed to recover even in the unfavorable trading environment.
USD/RUB traded at 30.0305 as of 11:05 GMT today after rallying from 30.0595 to 30.1555.
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