Ruble Bounces Back, Trading 80.26 Rubles to Dollar, 86.86 to Euro

Currency exchange traiding on Friday morning showed the ruble regaining some of its strength and rising 2.38 rubles against the dollar and 2.38 against the euro.

MOSCOW (Sputnik) – The Russian ruble bounced back on the trading floor on Friday morning after spiraling downward over the last few days with current trading at 80.26 rubles to the dollar and 86.86 rubles to the euro.

The ruble strengthened 2.38 rubles against the dollar in morning foreign currency trading and 2.38 rubles against the euro, following an increase in Brent oil trading at $31 per barrel.

The Russian economy is heavily dependent on oil prices. Its national currency lost about half of its value against the dollar since 2014 amid an oversupply in the global crude oil market.

Last week, Russian Economic Development Minister Alexei Ulyukayev predicted that the average currency rate would stabilize at 63 rubles to the dollar later this year.