The Russian ruble posted gains against the U.S. dollar for the third day in a row, as the demand for oil increases, causing the Russian stock market to have the highest rally since the beginning of the global slump.
The Russian ruble rose to its new maximum since January 14 against the U.S. dollar today as the current oil prices still suggest that the December-January devaluation was too strong.
The Russian currency and stock market posted a week of gains as the price of oil rose, pushed by rising demand in Asia, the MICEX Index is at its highest level since October.
The Russian ruble declined to the new record low level against the euro and the 2-year low against the U.S. dollar today as the country’s central bank allowed further depreciation of the ruble to stimulate the exporters.
The Russian central bank widened the trading band for the ruble today as the Russia’s main exports — crude oil and metals continued to depreciate on the global markets.
The Central Bank of the Russian Federation will probably stop intervening into the national currency market in order to strengthen the ruble against the U.S. dollar and hold down the growing inflation.
Foreign currency reserves of the Russian Federation grew up for the seventh week in a row and now are at their record high value – $459.6 billion.
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