Ruble Strengthens on Oil Price

The Russian ruble strengthened this morning, as the oil price held above $60 per barrel. Now investors await the details of the European Central Bank bond-buying program.

Early this morning the ruble was around 0.3 percent stronger at 61.77 against the american dollar and had gained 0.6 percent to 68.28 versus the euro, The Moscow Times reports.

Brent oil prices remained above $60 per barrel at around $60.4. “This level of oil is quite comfortable for the ruble,” VTB Capital analysts said in a note.

The European Central Bank holds a policy meeting later today where details of its bond-buying program, which could affect flows of funds into emerging markets, such as Russia, are likely to be announced.

“Players on the market are in a state of impatience, awaiting publication of the results of the ECB meeting,” Rossiisky Capital analyst Anastasia Sosnova said in a note.

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