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The Russian ruble is tumbling as inflation picks up

The Russian ruble is weaker on Friday.

The Russian ruble is tumbling.

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The petrocurrency is down by 1% at 58.1678 per dollar as of 8:06 a.m. ET.

Earlier, data showed that Russian PPI rose by 12.7% year-over-year in January, marking the highest inflation since November 2015. It followed the 7.4% increase in December.

Moreover, Brent crude oil prices, which are down by 0.5% at $55.38 per barrel.

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Although the ruble is down on Friday, the currency has strengthened in February, which has rattled the Ministry of Finance and has even drawn the attention of the Kremlin.

  • British pound
  • the Office for National Statistics.
  • euro
  • miss a self-imposed deadline
  • US dollar index
  • The Baker Hughes rig count will be released at 1 p.m. ET.

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