Ruble Goes Down with Oil Prices

The Russian ruble fell today as crude oil, the main source of Russia’s export revenue, declined for the second day on concerns for the recovery of the world economy.
August futures for crude oil delivery fell $0.98 (1 percent) to $95.29 a barrel. Crude retreated 10 percent in June to the lowest in eight months. Economists say that the ruble will be driven by global market trends rather than the improving domestic conditions.
USD/RUB rose from 28.1965 to 28.2816 as of 15:06 GMT today after falling to 28.0185.

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