Ruble Gains as Brent Oil Trades Above $100

The Russian ruble strengthened after Brent crude oil rallied above $100, attracting investors to the assets of the biggest world energy exporter.

Brent oil rallied 0.6 percent to $102.36 per barrel. Brent has risen 8 percent this year, allowing the ruble to appreciate 1.8 percent. Oil and natural gas makes up about a quarter of Russia’s economic output.

The analysts say that the ruble has potential to rise further. The problem here is that Russia’s central bank has set a so-called “floating corridor” and intervenes in order to keep the currency in this corridor.

USD/RUB traded at 29.446 as of 04:39 GMT today after dropped yesterday for a second day, falling from 29.514 to 29.424.

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