Tag: Oil

Oil

Survey: Oil to Drive Ruble Price in 2017

The biggest issue facing the Russian ruble in 2017 is the price of oil, according to a Bloomberg survey of FX executives released today.

Of those polled, the majority (or 51%), say oil prices will have the biggest effect on the currency, with 83% of the executives saying that they feel that the ruble will be more correlated to oil than emerging markets currencies this year.

Of less concern in relation to the ruble were Russian Central Bank policies and geopolitics, which only 22% said they were concerned about, and just 5% of respondents said that they are concerned about US interest rate hikes.