Ruble flexes its muscle after Moody’s boosts Russia’s rating to investment grade

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The Russian ruble has been gaining ground on the US dollar and the euro after global credit rating agency Moody’s upgraded Russia’s sovereign rating to investment grade with a stable outlook. The ruble was trading at 65.85 against the greenback at 07:50 GMT, rising by 0.17 percent on Monday and marking a nearly three-percent gain on the year. The Russian currency is trading 0.18 percent higher against the euro at 74.34, representing a 3.8 percent growth since January 1.

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This post originally appeared on SOTT.net

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