Putin Frets as Strengthening Ruble Erodes Link With Crude: Chart

The ruble is the least correlated with oil prices since August, and it’s making President Vladimir Putin jittery. When the ruble strengthens faster than crude, Russia’s main export earner, local currency revenue from exports falls and the budget suffers. With the country facing its deepest budget deficit since 2010, Putin instructed his prime minister on Tuesday to keep a close eye on the currency.

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