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.