Russian Ruble Rises 0.3% Against US Dollar After OPEC+ Decision

The Russian ruble rose to 76 against the dollar in tepid trading on Friday, recovering from its lowest level in a week reached the previous day, after the OPEC+ group, which includes the world’s major oil producers, agreed to ease production cuts.

The ruble rose 0.3% against the dollar to 75.99, moving away from its lowest level in a week of 76.4, which it touched on Thursday.

In light of the lack of momentum with the closure of major exchanges over the Easter weekend, the ruble has taken into account a 3% increase for Brent crude, the global benchmark for Russia’s main exports. Brent last traded at $64.65 a barrel.

Oil prices rose despite the OPEC+ group’s decision to ease production curbs by 350,000 barrels per day in May, an additional 350,000 barrels per day in June, and an additional 400,000 barrels or so in July.

But the ruble is still low from levels around 73 against the dollar, which it recorded shortly before US President Joe Biden said that Russia will pay the price for its interference in the US elections and cyberattacks, charges that Moscow denies.

Against the euro, the ruble rose 0.3% to 89.56.