Ruble Gains Sharply on First Russian Trade Day

In the first day of trading for Russian stocks in 2010, the national currency posted a sharp rise as equities in the country, extremely related to commodities, climbed with full force, as stock markets in the country were closed last week.

The ruble benefited today from a strong demand for oil in the Northern Hemisphere as this winter is being of the most intense during the past decade, forcing the crude beyond $83 a barrel, allowing Russian stocks to gain sharply and consequently providing support for the nation’s currency to post the sharpest advance in a decade today versus the greenback.

USD/RUB closed today at 29.30 today from an opening rate of 29.868, a decline of almost 2 percent.

If you want to comment on the Russian Ruble’s recent action or have any questions regarding this currency, please, feel free to reply below.