Russian Ruble Firms as Oil, Taxes and Carry Trade Support

The ruble strengthened on Friday, buoyed by a bounce in global oil prices, expectations that exporters will soon convert hard currency into rubles and foreign investors taking advantage of high Russian interest rates. In the morning in Moscow, the ruble was around 0.9 percent stronger against the dollar at 63.57 and gained 1.3 percent to trade at 72.15 versus the euro. “Sentiment towards the ruble has changed, first of all due to European QE (quantitative easing), since the ruble is...

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