MarketWatch's petrocurrency index is on track Monday to post a record close as Russia's ruble declines amid new sanctions on Moscow.
MarketWatch’s petrocurrency index, which was rolled out on March 4, 2020, was on track to post a record close Monday as a further plunge by Russia’s ruble as a result of harsh new sanctions in response to its invasion of Ukraine outweighed gains for currencies of other major oil producers as crude prices rose.
The index measures the U.S. dollar against a basket of currencies weighted according to their share of global oil output as compiled by the U.S. Energy Information Administration, with Russia holding the biggest weight. The ruble USDRUB hit an all-time low of 119.25 per dollar on Monday, according to FactSet. In volatile, sporadic trade, it was last down 13% to 96.67, as Russia’s central bank more than doubled its official interest rate to 20% on Monday, following further sanctions by Western powers.
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