Russian Ruble Falls on Oil Downmarket

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.

The ruble posted a third consecutive day of losses versus the dollar as the crude oil continued to be affected by a fall in risk appetite that influenced commodity markets, forcing the Russian currency down as traders are more skeptical regarding the economic improvements previously expected for Europe in the beginning of the year.

USD/RUB closed the week at 30.355 from an opening rate of 29.905 this Friday.

If you have any questions, comments or opinions regarding the Russian Ruble,
feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *