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Ruble Pulls Back After Massive Gains

August 28, 2015 at 11:58 by Vladimir Vyun

Top view on various RUB billsThe Russian ruble fell on Friday, dragged down by falling crude oil prices. Today’s drop followed yesterday’s massive gains that were also caused by moves of prices for crude.

The price for Brent crude oil fell 0.44 percent to $47.35 today in New York. This hurt the ruble, and demand for foreign currency by local companies also contributed to the decline. Yesterday, the Russian currency surged 4 percent as oil prices demonstrated the biggest one-day gain in six years.

USD/RUB climbed 1.11 percent from 66.2264 to 67.1605 as of 13:58 GMT after falling to the low of 64.7776 earlier today.

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

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