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Russian Ruble Sinks After Doha Meeting Failure

April 18, 2016 at 14:08 by Vladimir Vyun

Some Russian ruble banknotesThe Russian ruble dropped today as the meeting of major oil-producing countries in Doha failed to bring an agreement on freezing oil production.

Major oil producers were meeting in Doha, Qatar, to discuss an output cap as a measure to support oil prices. Many experts were skeptical about the possibility of a deal, and as it turned out they were right. The lack of freeze hurt commodity-related currencies (though some of them were lucky enough to escape losses), especially those tied to crude oil directly, like the ruble.

USD/RUB rose 0.54% to 66.8451 as of 14:05 GMT 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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