Russia is one of the main suppliers of oil for Europe, and today, as the energetic commodity continued to climb, the ruble profited from renewed confidence in trade markets and gained versus several currencies of its trading partners.
The Russian ruble had its worst weekly performance in 2010 as demand for the crude oil declined specially in Europe, as uncertainty regarding some EU members budget deficits plagued markets and rose pessimism among traders in the region.
In the first day of trading for Russian stocks in 2010, the national currency posted a sharp rise as equities in the country, extremely related to commodities, climbed with full force, as stock markets in the country were closed last week.
The Russian currency benefited from another day of growing demand for the crude oil, providing support for the ruble to advance versus the euro, dollar and the pound, as the demand for energy rises in the coldest season of the year in the Northern Hemisphere.
The Russian ruble, which gained during the past three days as the crude oil rates advanced globally, had its rally stopped today after decisions taken in an OPEC meeting in Angola, which influenced the oil prices.
After Dubai affirmed that it will delay its debt payments, emergent markets currencies like the Russian ruble rated among the most affected, but central bankers affirm that this decline will help exporters’ competitiveness, treating the event with an odd optimism.
The Russian currency experienced another day of gains after a government official announced today that the country is out of recession, adding attractiveness to the already appealing Russian stock market.
Russia is the main energy supplier to Europe, and this week, as the crude oil continued to extend gains reaching the highest values since it tumbled last year after the global slump, the ruble is gaining, as demand for Russian natural resources are influencing the national currency positively.
The Russian currency benefited from a new wave of confidence among traders that forced commodities rates up, helping Russian assets to be more attractive in global markets, consequently influencing positively the rates for the ruble.
The Russian currency had the first gains after three days of losses versus the greenback as the crude oil rates climbed on speculations that demand will rise, suggesting that the one of the main global oil producers will export more of its commodities.
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