The Russian ruble is going nuts
REUTERS/Flavio Lo Scalzo
Russian President Vladimir Putin listens to reporter question during a joint news conference with Italian Prime Minister Matteo Renzi at the end of a meeting in Milan, northern Italy, June 10, 2015.
The currency has gained more than 2% against the US dollar in trade on Monday after it was announced over the weekend that Russia will join 10 non-OPEC countries in supporting OPEC's recent agreement to cut production.
Early on Monday, the price of oil jumped more than 5% after the deal between OPEC and non-OPEC countries was announced by Saudi Oil Minister Khalid al-Falih late on Saturday.
The deal will cut production with the aim of boosting prices and making production more profitable.
As a so-called petro-currency, the ruble is inextricably linked to the price of oil. When oil is on the rise, so too - generally speaking - is the ruble.
That has certainly been the case on Monday, with the currency trading at highs not seen since October last year thanks to oil's jump. Here's the chart:
Investing.com
Next Story
Should you be worried about the potential side-effects of the Covishield vaccine?
India T20 World Cup squad: KulCha back on menu, KL Rahul dropped
Sales of homes priced over ₹4 crore rise 10% in Jan-Mar in top 7 cities: CBRE
Gold prices fluctuate as geopolitical tensions ease; US Fed meeting, payroll data to affect prices this week
Best beaches to visit in Goa in 2024
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market
