The Russian rose today after crude oil, the main source of the nation’s revenue, gained and as the exporters converted their foreign currency earnings into the Russian currency.
The Russian exporters exchanged their foreign currency earnings for the ruble to pay the taxes this week. The crude oil prices advanced 0.7 percent to $75.95 per barrel in New York. The oil prices gained as the concerns for the global economy eased somewhat, but the fears may return, pushing the prices down to $60 per barrel.
USD/RUB trade at 30.541 today as of 11:02 GMT after falling as low as 30.452.
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