After the Russian currency touched a year low versus the greenback of nearly 92 units for every dollar, economist Robin Brooks said the ruble has stabilized and may eventually be lifted by rising oil prices. The Institute of International Finance Economist urged G7 countries to consider cutting the Russian oil price cap from $60 to $50.
Ruble Down by Over 18% in 2023
According to Robin Brooks, the chief economist at the Institute of International Finance (IIF), the Russian currency — the ruble — has now “stabilized” and is likely to be bolstered by rising oil prices in the coming months. Brooks, a former chief forex strategist at Goldman Sachs, also noted in a tweet that while Russia’s June current was in deficit, G7 countries’ failure to reduce the oil price cap from $60 to $50 per barrel could well give “the ruble a lift.”
Russia’s Ruble has stabilized. The summer months are always a soft spot for the Ruble – the June current acount was in deficit – but now risin
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