The Russian ruble is going nuts

Russia’s ruble is having a brilliant start to the week.

The currency has gained more than 2% against the US dollar in trade on Monday after it was announced over the weekend that Russia will join 10 non-OPEC countries in supporting OPEC’s recent agreement to cut production.

Early on Monday, the price of oil jumped more than 5% after the deal between OPEC and non-OPEC countries was announced by Saudi Oil Minister Khalid al-Falih late on Saturday.

The deal will cut production with the aim of boosting prices and making production more profitable.

As a so-called petro-currency, the ruble is inextricably linked to the price of oil. When oil is on the rise, so too — generally speaking — is the ruble. 

That has certainly been the case on Monday, with the currency trading at highs not seen since October last year thanks to oil’s jump. Here’s the chart:

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