Bank Koltso Urala: US dollar might drop to 45 RUR
25 November 2014 (09:32)
November 25, 2014. Oil prices kept rising on Monday, November 24, a trend that has continued from last Friday. This is the first week since September when this ‘black gold’ has shown some improvement, Bank Koltso Urala’s press service reports.
‘Brent for $80 a barrel came as good news for the Russian ruble. Russia’s national currency fluctuations have tended to be isomorphic with the oil price changes lately, so, as the profit-mongers can no longer trace the ruble’s movements within a trading band against the dollar-euro basket, the foreign currency market started following the oil one in many respects. This is exactly why rising oil prices might help strengthen the ruble against the U.S. dollar and the euro,’ says Bank Koltso Urala Foreign Currency Transactions Director Igor Nesterovitch.
‘Brent for $80 a barrel came as good news for the Russian ruble. Russia’s national currency fluctuations have tended to be isomorphic with the oil price changes lately, so, as the profit-mongers can no longer trace the ruble’s movements within a trading band against the dollar-euro basket, the foreign currency market started following the oil one in many respects. This is exactly why rising oil prices might help strengthen the ruble against the U.S. dollar and the euro,’ says Bank Koltso Urala Foreign Currency Transactions Director Igor Nesterovitch.
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