Ruble Slides Before EU Summit

The Russian ruble dropped today as the nation’s main oil export blend retreated ahead of the European Union leaders meeting, reducing attractiveness of Russia’s currency.
The export driven economy of Russia depends on commodities and oil is the major revenue earner. Russia’s economy looks good at present as Deputy Economy Minister Andrei Klepach said the country’s gross domestic product expanded 5.1 percent in the third quarter of this year. Today’s European Union summit may change the prospects of the economy for better or worse, depending on its impact on market sentiment.
USD/RUB rose 0.23 percent from 30.5485 to 30.6196 today as of 14:24 GMT.

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