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Russian Ruble Falls Along with Crude Oil

October 31, 2017 at 11:34 by Vladimir Vyun

A mix of Russian ruble notesThe Russian ruble fell today, following the drop of crude oil — Russia’s main export.

December contract for Brent crude, a global benchmark for oil prices, fell by 0.39% to $60.66 per barrel on the Intercontinental Exchange today. Meanwhile, the tax payment period at the end of the month has come to an end, leaving the ruble without support from exporters converting their profits into the local currency. On top of that, it is expected that Russian banks and firms will buy foreign currencies to repay their debts by the end of the fourth quarter.

USD/RUB climbed by 0.62% to 58.3321 as of 10:33 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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