Free Trial

Falling Oil Prices Weigh on Daily Ruble Strength

OIL

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

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.