The Russian currency sold off substantially Friday, registering a 79 handle to the USD, falling five percent for the week. The ruble faded due to concern over Moscow’s ‘second wave’ of the Chinese coronavirus, low oil prices due to continued global lockdowns and reduced economic activity, and concern over the outcome of the U.S. presidential election on November 3rd.
OPEC+ members are not scheduled to meet until the end of November to discuss possible future production cuts.
Russian equity markets also sank almost one percent on Friday.
The oligarchic nature of the Russian economy has stifled innovation and the middle class, a phenomenon which has been heightened by the pandemic. Small business in the Russian Federation has been hit hard due to lack of appropriate government support during the lockdowns.
Fears of Joe Biden winning the U.S. presidential election have added fuel to the sell-off fires, as Biden named Russia this week as the number one enemy of the United States.
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