Bloomberg: Russian ruble trims its biggest gain as investors keep skeptical on the OPEC deal

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Russian national currency trimmed its biggest monthly gain since this June as largest world investors remain skeptical on how the OPEC agreement to reduce their common production will be implemented.

According to Bloomberg, ruble retreated 0.5 percent to 63.39 per dollar, curbing a 3 percent gain in September. Brent crude, that has a great impact on the Russian currency, dropped 2 percent to $48.27 after adding 7.1 percent over the two previous days.

OPEC members met in Algiers September 28 and agreed to cut production to a range of 32.5 million to 33 million barrels a day. Goldman Sachs Group Inc. expects that their decision may add up to $10 a barrel to oil prices.

“Even though the OPEC decision is really positive, there’s doubts that it’ll make oil, and hence the ruble, surge,” Artem Roschin, a currency trader at Aljba Alliance LLC in Moscow, said in a commentary to Bloomberg. “The initial euphoria is gone, now investors are weighing the implications of the deal." He added that rubble is unlikely to rally significantly in the fourth quarter.