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:
NOW WATCH: Martin Shkreli goes on a raging tweetstorm in response to high school students recreating his $750 drug for $2
Business Insider Emails & Alerts
Site highlights each day to your inbox.