Russian Ruble Gains as Manufacturing Slows Decline, Erases Rally

The Russian ruble gained today as a report released during the current trading session showed that the nation’s slowed its decline last month. The currency has not been able to keep gains, though, and trades below the opening level currently.

Markit manufacturing Purchasing Managers’ Index for Russia climbed 47.9 in August to 49.1 in September. While the reading below 50.0 still indicates contraction of the sector, it was the slowest decline since February. The market considered the data to be sufficiently positive to warrant a rally of the ruble, which was short-lived though.

USD/RUB bounced to 65.7697 as of 18:39 GMT today after falling from 65.4079 to 64.7350 earlier.

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