Arab Today, arab today russian ruble rides to 5month high
Last Updated : GMT 21:50:13
Arab Today, arab today
Arab Today, arab today

Russian ruble rides to 5-month high

Arab Today, arab today

Arab Today, arab today Russian ruble rides to 5-month high

The Russian ruble
Moscow - AFP

The Russian ruble traded at a five-month high Friday, having steadily climbed out of its winter slump to the joy of officials and leaving analysts scratching their heads.

The Russian currency was trading as high as 50.27 to the dollar and 53.4 to the euro around the early afternoon. It was the ruble's strongest point since early December.

The ruble slumped dramatically in December as global oil prices collapsed, taking its 2014 drop to over 40 percent, which drove up inflation and compounded an economic crisis in the oil-dependent country.

Since then the currency has rebounded while oil prices stayed relatively stable and the conflict in Ukraine had simmered at a vastly lower level under the current truce agreement.

In an optimistic tone, the head of Russia's largest state bank Sberbank told President Vladimir Putin Friday that he won't need state support that he previously demanded.

"If nothing extraordinary happens we won't need help," German Gref told Putin. "I have a feeling that toward the middle of the year, if nothing negative happens, lending will more or less return" to normal levels.

The ruble's performance is "largely unrelated to oil dynamics," said a note by VTB Capital, explaining the recovery was down to financial factors like closing of contracts hedging the ruble exchange rate.

Commentators said another reason for the recovery was the lull in fighting in east Ukraine, which has put off fears of more Western sanctions imposed against Moscow.

"A restart of the war in Ukraine, new sanctions or counter-sanctions can easily return the ruble to January levels," Vedomosti business daily said in an editorial earlier this week.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today russian ruble rides to 5month high Arab Today, arab today russian ruble rides to 5month high

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today russian ruble rides to 5month high Arab Today, arab today russian ruble rides to 5month high

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today How to do your own Ramadan corner?

GMT 15:53 2017 Saturday ,27 May

How to do your own Ramadan corner?
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday