The Russian ruble slowed its rally against the US dollar today on speculation the nation’s central bank sold the currency. The ruble currently is above the opening price, indicating that it may yet continue its rally.
The Bank Rossii usually sells the nation’s currency to keep it in the predetermined range, which is now at 32.20 to 38.20. The Russian currency was rising for nine consecutive sessions and appreciated 3.4 percent against the dollar-euro basket. That was the longest rally since March 2008. Analysts say that the slowdown is likely just a minor correction after the long streak of gains and it’s a good time to buy the currency.
USD/RUB was down from 30.3105 to 30.2474 as of 12:49 GMT today after rising as high as 30.4149.
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