The Russian ruble weakened today on risk aversion caused by the report that showed a decline of the eurozone economy, turning investors away from currencies they considered too risky.
Riskier assets took a hit after the report from Eurostat showed that eurozone gross domestic product decreased 0.3 percent. Coupled with the decrease of China’s growth forecast, the data created a very unfavorable trading environment for currencies with higher yield and bigger risk. The ruble also fell as some traders have taken profit before the long weekend in Russia. Russia’s markets will be closed on March 8 and 9 for the state holiday, followed by the regular weekend.
USD/RUB advanced from 29.3270 to 29.5880 as of 17:09 GMT today after touching 29.6580 — the highest rate since February 23.
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