Ruble Goes Down with Crude Oil as Traders Cautious

The Russian ruble declined today as prices for crude oil, the main export of Russia, fell after Federal Reserve Chairman Ben Bernanke made traders cautious, mentioning threat to the US economy from fiscal tightening and Europe’s debt.
Brent grade of crude oil slumped as much as 1.6 percent to $98.34 per barrel. The yield on Russian bonds maturing in 2022 went up by two basis points to 4.071 percent. The warning from Bernanke made traders reluctant to risk and decreased appeal of emerging markets’ assets.
USD/RUB ticked up from 32.2750 to 32.6350 as of 9:46 GMT today.

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