| Russia’s currency has the heaviest correlation with oil among major emerging- and developed-market currencies. Russia’s currency was on track Monday for its largest daily gain against the U.S. dollar in three weeks, largely thanks to a recovery in oil prices.
The currency has been extremely volatile lately as concerns about rising oil supplies have sent prices of the commodity tumbling below $50 a barrel, ending a period of stability that saw prices creep higher for most of the first half of 2016. Swings in the price of oil have a wide-ranging impact across financial markets. Moves in energy and materials shares are often correlated with the commodity. As are the currencies of large oil exporters...............................................Full Article: Source
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