Russian rouble at new 9-month high on rising oil

MOSCOW: The Russian rouble firmed on Thursday, approaching a nine-month high versus the dollar as oil rebounded from an 11-week low.
Brent crude oil traded at its highest level since 2008 at $104.11 a barrel, promising higher budget revenues and stronger economic growth for Russia, the world's top crude producer.
The unrest in the Mideast pushed Russia's Urals export blend up past the $100 per barrel mark for the first time since the 2008 pre-crisis peak.
As the euro-dollar cross strengthened, the dollar lost nearly 0.3 percent against the rouble reaching 29.23 roubles at 0718 GMT, while the euro added 0.4 percent and traded at 39.65.
"If trading volumes are significant (because of expensive oil and upcoming taxes), the basket quotes may fall," said Andrey Mishko from Nomos Bank.
Against the basket, comprised of 0.55 dollars and 0.45 euros, used to guide the exchange rate policy, the rouble lost 5 kopecks to 33.94.
"By the end of today's trading, the euro will fall against the dollar, prompting sales in the currency basket," said Anton Zakharov, analyst at Promsvyazbank.
He said this will keep the rouble on the rise, trading within a band of 33.98-33.82 against the basket.

(Source: http://economictimes.indiatimes.com/markets/forex/russian-rouble-at-new-9-month-high-on-rising-oil/articleshow/7514640.cms)