Forex News

The Russian rose today after crude oil, the main source of the nation’s revenue, gained and as the exporters converted their foreign currency earnings into the Russian currency.

The Russian ruble gained today, reaching the highest level in more than a week against the U.S. dollar, after the prices for crude oil, the main source of the nation’s export revenue, rose.

The Russian ruble gained today against the U.S. dollar and the euro after the oil prices stabilized near $70 level, improving the outlook for the economy of Russia, the largest energy exporter in the world.

The Russian ruble rose against the U.S. dollar today as the crude oil’s price reached its record high in 17 months on the signs that the rising pace of the global economic recovery may spur the demand for the fuel.

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.