USD/RUB plummets to 22 1/2-month trough as oil rises
The USD/RUB currency pair plunged to lows not seen since June 2023 in light holiday trade on Friday, as the Ruble drew support from rising price of oil.Crude Oil, which accounts for about 26% of Russi
The USD/RUB currency pair plunged to lows not seen since June 2023 in light holiday trade on Friday, as the Ruble drew support from rising price of oil.
Crude Oil, which accounts for about 26% of Russia’s total exports, rose 2.87% to $63.68 per barrel on April 17th.
The Ruble has appreciated more than 25% against the greenback so far this year, supported mostly by prospects of easing tensions between the Russian Federation and the United States.
The USD/RUB currency pair was last down 0.45% on the day to trade at 81.6800. Earlier in the session, the exotic Forex pair went down as low as 80.6300, its weakest level since June 7th 2023.
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