Currency Note Worldwide

Difficult times for oil backed currencies

By Ricky Bean December 18th, 2014

  • The Russian rouble steadied yesterday with the currency lying around the 68 levels against the US dollar. It had rallied for a short amount of time when the Ministry of Finance announced that it had begun to sell foreign currency to try and stabilise the currency after the large fluctuations over the recent few weeks. The rouble continues to remain under pressure – with sanctions still in place, and given falling oil prices, it seems that there are even tougher times ahead for the Russian economy.
  • It has been a difficult time for the commodity-exposed currencies as they all remained close to multi-year lows against the US dollar.

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