Eastern Europe

Ruble Falls Amid Lower Oil Prices, Back Above 70 Per USD On Moscow Exchange

Ruble Falls Amid Lower Oil Prices, Back Above 70 Per USD On Moscow Exchange

As crude oil prices drift lower on international markets, the Russian ruble has once again fell below 70 to the USD, trading at 71.01 today on the Moscow Exchange, a loss of 1.5%.

The Russian ruble is getting cheaper against the dollar and the euro amid falling oil prices. Brent oil on London’s ICE exchange fell by 1% to $41.42 per barrel. The price of WTI crude oil dropped by 1.3%, reaching $39.3 per barrel, reported Russian state news agency TASS.

Russia is currently voting on Constitutional changes which will in effect give Russian President Vladimir Putin the presidency for life.

The economic status of many Russians has been gravely hurt by the Chinese coronavirus pandemic. Russian buying power has dropped considerably during the crisis. However, with the country shut down for travel outside the border, the effect may be marginalized on the average Russian citizen, who are much more concerned with keeping a job and putting food on the table.

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