Ruble Retreats on Capital Outflows

The Russian ruble declined today as the problems in Europe made Forex traders less willing to risk and reduced their interest in assets of emerging economies, resulting in biggest outflow of capital from Russia in a year.
Net capital outflow totaled $25.8 billion in the first quarter of 2013. On top of that, Anton Siluanov, the Minister of Finance, said that the government is going to increase its foreign-currency reserves, further hurting the ruble. The Russian currency has lost 3.3 percent this year so far.
USD/RUB advanced from 31.3030 to 31.5430 as of 14:42 GMT today.

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