Woes of the Russian ruble continue as the currency extended its drop today due to concerns that Standard & Poor’s may reduce Russia’s credit rating to junk, adding to incentive for investors to avoid Russian assets.
S&P will make a decision about Russia’ credit rating tomorrow, and analysts are worried that it may reduce the grade. Currently, the rating stays at BBB-, just one notch above junk. Such concerns mean that there are few reasons for Forex traders to buy the ruble.
USD/RUB rose from 41.3825 to 41.7280 as of 15:58 GMT today.
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