Ruble strengthens after OPEC-Russia negotiations

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Russian ruble gets more attractive to forex investors after the increase of oil prices that followed Russian President Putin’s announcement that the country is ready to participate in OPEC output freeze negotiations in Vienna. Moreover, Russia as a whole became more attractive as an investment destination.

Global industry experts remain quite positive in their forecasts about Russian currency. Goldman Sachs is sure that ruble will continue to climb higher thanks to oil prices and the plans of the country’s bank to keep on cutting interest rates. The head of Russian bank Elvira Nabiullina said that the lower interest rates will strengthen the national currency and slow down inflation by making imports cheaper, as quoted by Bloomberg.

The day before it was said that Russia will take part in setting a road map for production cut that is to take place later in October in the OPEC headquarters in Vienna. During their meeting in Istanbul the ministers of OPEC and Russia decided that they will cooperate to settle global markets.