The Russian ruble did not join other currencies of emerging markets in a rally, falling instead today. It looks like Forex market participants were to afraid to buy the currency ahead of today’s monetary policy decision of the US Federal Reserve.
Recently, traders were favoring currencies with high risk, but with potential for higher return, especially after the Turkish central bank has unexpectedly tightened its monetary policy. The ruble was not among the gainers. The Fed has started a two-day policy meeting yesterday and will announce its decision today. Economists are worried that the central bank may cut the stimulus program as it has already done last month.
USD/RUB went up from 34.7594 to 34.8630 as of 10:34 GMT today.
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