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Ruble Tracks Oil by Most on Record After Fourth Monthly Slide

  • Correlation between the two assets reaches 82 percent
  • ING says oil moves will be ruble's `main driver' in September
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Vladimir Putin's Heavy Lifting on Russian Economy

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The Russian currency is tracking the price of oil the most closely on record after the ruble’s fourth month of losses pushed it toward a record low.

The ruble weakened 8 percent in August as Brent crude, the grade used to price Russia’s main export blend, fell 7.4 percent. That retreat pushed the currency’s 30-day correlation with oil to 0.82 by 1:06 p.m. in Moscow, the highest according to Moscow Exchange data for the currency going back to 2003. A reading of one would mean they’re in lockstep. The ruble dropped 2.4 percent on Monday to 67 per dollar.