Ruble Drops as Nabiullina Warns on Russia's Crude Oil Dependence
- Brent fell 5.3% on Monday, biggest drop in more than 1 month
- Finance Ministry offering 1st linkers since July in auction
Will Russia Cut Rates as Inflation Slows?
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The ruble had its longest streak of declines in a month after crude slumped and as Russia’s central bank Governor Elvira Nabiullina warned the currency is too dependent on oil-price swings.
Brent’s 5.3 percent tumble on Monday contributed to the Russian currency’s drop against the dollar today, trimming a month-to-date gain. Russia relies on crude and natural gas exports for almost half of its budget revenue and the correlation between the ruble’s movements and oil is close to a record.