Russian ruble strengthens in 2016 despite fall in oil prices

Bloomberg reports that "the Russian currency is likely to have a bright future because traders have been optimistic about long-term prospects of the ruble since mid-2014,’’ Bloomberg reports.

In addition, the financial magazine noted that the ruble has strengthened by 14%, showing the best result among the emerging markets after the Brazilian real and the South African brand. "This is a radical improvement as compared to January,’’ Bloomberg informs.

The global race for profit helped the ruble to withstand the decline in oil prices this quarter. 

The price of North Sea Brent decreased by 7% in June, but the ruble strengthened by almost one percent, Bloomberg writes. At the same time, this year traders made a profit of 21%, it is the second result after the real among the 23 developing countries.

According to financial analysts, taking into account  the decrease in deposits in Japan and Europe, the key rate of 10.5% is also attracting investors to move their funds to Russia.

"The ruble is becoming one of the best currencies of the emerging markets,’’ JPMorgan Chase & Co Saad Siddiqui analyst told the agency.