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Video / 28 July 2015 at 11:13 GMT

Explained: The rouble crisis as USDRUB hits 60

Nadia Kazakova
There's a growing crisis for the rouble and it's only likely to get worse. That's according to Russia expert, Nadia Kazakova, who explains what's going on and why.
Leveraged money managers started building up short positions in the rouble earlier this month ahead of a major debt repayment peak in September. Nadia says there'll be continuous pressure on the currency over the coming weeks. It's already lost some twenty percent in the past couple of months. Low commodity prices aren't helping and she considers where USDRUB could go from here.
3y
Warren Buffet007 Warren Buffet007
Therein Lies The Opportunity Look, the world runs on oil, period. Virtually everything is petroleum-based, from the obvious gasoline products to home furnishings and even food supply. Demand will always be there, and eventually, this cycle will run its course as always.
3y
Nadia Kazakova Nadia Kazakova
Agree, the oil price is about demand and supply, and the oil prices should theoretically reflect that. It is hard to see, though, where the spike in demand would come from, to get the next price cycle going.

Another problem for Russia is the deterioration of the oil production capacity. It is becoming more energy/capital intensive, as oil fields mature. One of the ways to "solve" the problem is by reducing dollar costs via weaker currency.
3y
thewickedwiz thewickedwiz
The USD is strong against emerging markets.
Russia is basically an emerging market with heavy firepower.
USD can go to 80 against Rubel and it is not because of short selling it is due to the fundamentals!

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