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Bloomberg: ruble dependence on oil peaked in 2003

on Mon Aug 31, 2015 10:01 pm
The correlation between international oil prices and the ruble exchange rate against other currencies has reached a record high since 2003, reports Bloomberg.

The level of the linear relationship between the figure reached 82% in the near future will remain at extremely high levels, the agency said. Oil prices remain a major driver that determines the dynamics of the ruble.

With the reduction of oil prices the ruble falling for the fourth month in a row. At the end of August, the Russian currency weakened against the US dollar by 8.1% in the fall of Brent crude oil by 6.4%.

In September, the ruble are important factors for the US and China. Raising key rates by the Federal Reserve System (FRS) can directly affect the level of world oil prices, as oil quotations are tied to the US dollar. The slowdown of the Chinese economy also affect the global demand of oil.

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