Rising Oil Prices Pushed Russian Ruble Higher

The Russian ruble gained today, reaching the highest level in more than a week against the U.S. dollar, after the prices for crude oil, the main source of the nation’s export revenue, rose.

July delivery for crude oil traded at $76.63 per barrel in New York. The oil prices rose after the gains of U.S. equities signaled that the demand would grow. The Standard & Poor’s 500 Index rose by 2.4 percent yesterday and the Dow JonesIndustrial Average went up 2.1 percent.

USD/RUB traded at about 31.177 today as of 9:52 GMT after it opened at 31.258.

If you want to comment on the Russian Ruble’s recent action or have any questions regarding this currency, please, feel free to reply below.