The Russian ruble is climbing as oil prices regain their footing.
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The Russian ruble is climbing
The Russian ruble is climbing as oil prices tick up.
The petro-currency was up by 0.8% at 58.9148 per dollar at 8:33 a.m. ET.
Meanwhile, Brent crude oil, the international benchmark, was up by 0.3% at $45.87 per barrel and WTI crude, the US benchmark, was up by 0.3% at $45.87 per barrel.
The ruble has historically tracked Brent crude prices closely given the Russian economy's heavy reliance on oil.
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"Recall that the August light sweet crude oil contract closed lower for the fifth consecutive week, but the downside momentum had begun easing after the middle of the week. The general pattern holds for Brent as well," said Marc Chandler, global head of currency strategy at Brown Brothers Harriman.
"The technical indicators warn that the market is over-extended and a further bounce is likely," he added. "We look for a move toward $44.00 — $44.50 after closing near $43 before the weekend."
As for the rest of the world, here's the scoreboard as of 8:33 a.m. ET:
- euro
- set aside
- as much as €17 billion to help with the winding down of two collapsed regional lenders, Popolare di Vicenza and Veneto Banca.
- British pound
- US dollar index
- Japanese yen
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