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Ruble has avoided a collapse, thanks to exporters

Ruble has avoided a collapse, thanks to exporters

In the course of Tuesday’s trading the ruble has lost about 1% against the US dollar, reflecting a yesterday’s collapse of oil prices. However, the Russian currency has avoided a final collapse thanks to the exporters, which massively sell the foreign currency at current ruble rates.

The attempts of the oil prices correction also had prevented the ruble to collapse. During today’s trading session, oil has reached the level below $50 per barrel, after that the price of “black gold” rebounded slightly due observance of the OPEC covenant terms to reduce production by the main exporting countries. However, the oil prices are remaining volatile and continue to threaten the Russian currency stability.