Rising crude oil prices push Russian Rouble up

Rising crude oil prices push Russian Rouble up

08-28-2009 11:22

Russia’s Rouble rose against the US Dollar for the first time since three days due to rising crude oil prices as a result of presumptions that demand will increase. This indicates that Russia, one of the most important crude oil suppliers, will raise the export of the country’s commodity goods.

Rising crude oil prices

The Russian Federation is one of the major providers of energy for the EU and after the initial indications at the start of 2009 that suggested an economic revival, the price of the country’s most important natural resource has risen 100%, supporting the Rouble to continue its strength in spite of problems in the Russian banking sector and the financial crisis. The Rouble faced a quite pessimistic week, while it gained against the Greenback today as a result of the release of companies taxes in the Russian Federation this Friday. Meanwhile, a considerable sum of money streams into administration accounts, improving the Rouble prospects.

Russian Rouble up

It is expected that crude oil rates will continue to rise as the winter nears the half of the earth north of the equator. This would continue the volatility of the Russian currency, indicated by the administration in order to protect exporters, while the Central Bank of The Russian Federation will not have to take measures. It is expected that the Russian currency will be unmoved for the near term as it probably will lack strong fluctuations.