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Ruble Swings to Loss on Oil as SocGen Says Dollar Looks Tempting

  • Currency is second-best performer among peers this year
  • SocGen sees resistance to gains building in 65-67 range
Updated on

The ruble retreated with crude as the currency’s correlation with the price of Russia’s main export earner approached a record.

The currency was 0.1 percent weaker at 68.4900 per dollar by 6:11 p.m. in Moscow, erasing a gain of as much as 1.3 percent earlier. The 90-day correlation between the ruble and oil was at 0.81 on Monday. A reading of 1 means the two assets move in lockstep.