The Russian ruble dropped today as the yield on Russian bonds grew amid concerns that the global economy is slowing and demand for Russia’s exports would wane.
Prices for crude oil, the main export commodity of Russia, fell amid fears of a double-dip recession. Brent grade of crude lost 1.9 percent to $104.80 per barrel in New York today. The Russian currency may get a boost as Russian companies are going to convert their earnings to rubles ahead of the tax-paying period, but that positive effect would likely be short-lived.
USD/RUB rose from 32.1005 to 32.5402 as of 11:43 GMT today, jumping as high as 32.5940 intraday.
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