Russian Ruble Gains Further as Nation Rebound From Slump

The Russian currency experienced another day of gains after a government official announced today that the country is out of recession, adding attractiveness to the already appealing Russian stock market.

The crude oil, one of the main Russian primary exports, continued to gain and hit the $80 level for the first time this year, helping the ruble to extend its rally versus most of the main traded currencies after the Russian Finance Minister affirmed that the country is officially out of recession, based on quarterly gross domestic product figures.

USD/RUB closed today at 29.23 from an opening rate of 29.25.