World Economy

Ruble Rebounds

Ruble ReboundsRuble Rebounds

The Russian ruble rebounded on Monday after falling sharply on Friday, with higher oil prices and the beginning of a new monthly tax period helping the currency, Reuters reported. At 0705 GMT, the ruble was around 0.9% stronger against the dollar at 51.40 and gained 1.1% to trade at 55.40 versus the euro. This follows a nearly 5% slump on Friday. Oil prices, Russia’s main exports, rose on Friday, while demand for the ruble was also higher due to levies that domestic exporters must pay this week. Meanwhile, the ruble rate will most likely fluctuate in the coming months but it should be largely stable if there are no big changes in oil prices or sanctions against Russia, Ksenia Yudayeva, a first deputy governor, wrote in an opinion piece in business daily Vedomosti and added that the ruble had been adjusting to new conditions.