Russian Ruble Rises To 4-day High Vs U.S. Dollar After Putin's Comments

The Russian ruble strengthened against the U.S. dollar in the European session on Monday after Russian President Vladimir Putin remarked that there was no fundamental reason for the currency's fall and speculative bets against the ruble will end soon.

Russian President Vladimir Putin said at the APEC summit in Beijing, "We are now seeing speculative jumps of the ruble, but I think that it should stop in the near future, given the actions that the Central Bank is currently taking in reply to the actions of speculators,"

Putin also said, "The events we are seeing now in Russia have absolutely nothing to do with the fundamental economic reasons and factors."

Against the greenback, the ruble rose to a 4-day high of 44.61 from an early low of 46.78. At last week's close, the ruble was trading at 46.50 against the greenback.

If the ruble extends its uptrend, it is likely to find resistance around the 42.93 area.

US Dollar vs RUB (FX:USDRUB)
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