Russia's ruble to remain stable
Russia's ruble to remain stable

The Russian ruble managed to survive after another slump in oil prices and has started to recoup some of its great losses. The fate of the Russian national currency is really unhappy. On the one hand, it is rather resilient. On the other hand, Russia usually copes alone with its national currency depreciation. The fact is that the Russian economy highly depends on commodity prices that are denominated in the US dollar. It means that the country’s government needs extremely low ruble especially during crisis. As a result, Russia's currency, having an opportunity to rise, suffers from sliding oil prices and actions taken by the country's authorities and central bank. However, even under such dreadful conditions, the ruble is still gaining ground. In a week, it advanced by 1.6% against the US dollar due to the new OPEC+ agreement. News about reduction in oil output encourages investors and boosts the Russian ruble. Most experts suppose that the ruble will show stability in the near future.

Published: 2020-05-18 15:57:54 UTC
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