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Russian ruble leads emerging-market currency rally

Posted on 26 April 2013

The Russian ruble rallied to lead emerging-market currencies’ gains Thursday, buoyed by the continued recovery in commodity prices.
The ruble tends to trade in line with crude oil prices since Russia is a major producer of the commodity. The Russian currency had suffered in the previous week as oil and other commodities slid heavily, but has advanced against the dollar for two straight sessions as these assets have made a comeback. On Thursday, Brent crude oil futures prices rose above $101 per barrel. In response, the ruble soared about 1% against the dollar………………………………………..Full Article: Source


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