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Falling Oil Prices Weigh on Daily Ruble Strength

OIL
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Declining oil prices today have weighed on the strength of the Russian ruble today, according to Interfax.

  • The Central Bank of Russia raised the official dollar rate for Friday, May 31, by 52.8 kopecks to 89.7869 rubles per dollar, and raised the euro rate by 24.37 kopecks to 97.1347 rubles per euro
  • Given Russia’s economic reliance on oil and gas revenues, today’s declining crude prices are likely having an impact on the ruble’s strength.
  • Crude markets are edging down as poorer demand outlooks outweigh rumours of extended OPEC+ cuts.
  • Brent JUL 24 down 1.9% at 82.01$/bbl
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Declining oil prices today have weighed on the strength of the Russian ruble today, according to Interfax.

  • The Central Bank of Russia raised the official dollar rate for Friday, May 31, by 52.8 kopecks to 89.7869 rubles per dollar, and raised the euro rate by 24.37 kopecks to 97.1347 rubles per euro
  • Given Russia’s economic reliance on oil and gas revenues, today’s declining crude prices are likely having an impact on the ruble’s strength.
  • Crude markets are edging down as poorer demand outlooks outweigh rumours of extended OPEC+ cuts.
  • Brent JUL 24 down 1.9% at 82.01$/bbl