Ruble Drops Below $60
Despite the harsh winter temperatures, Moscow has a spring in its step, due to oil, as the price of crude strengthens on global markets. It remains to be seen if US oil shale producers can ramp up production to impact the OPEC oil deal by putting pressure on crude.
“The US dollar dopped 54 kopecks against the Russian ruble to reach 59.92 rubles per dollar. This is the first time the dollar is worth below 60 rubles since July 31, 2015. The euro dropped 55 kopecks comapered with Wednesday’s close to reach 62.81 rubles. The Russian currency is strengthening on higher oil prices. Brent crude futures with February delivery grew 0.34% on the ICE in London to $56.65 per barrel,” reports Russian State News Agency TASS.
The Russian Finance Ministry has also reported that Russia is closing its budget deficit due to the higher price of oil, which Russia sells in dollars and converts to rubles.