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The Ruble Decline After European Agreement to Bolster Banks

The ruble dropped from its strongest closing price the euro basket after governments of the 15 European countries backed a bailout of banks which attracted investors

The ruble declined 0.6 percent to 30.41 against the basket by Monday evening in Moscow, from 30.24 on Oct. 10, the strongest close since Sept. 25.

This was caused by European governments' decision to bolster banks which diverted investors from Russia.

"Russia lacks a European Union connection and at the same time it has more political risk than other Eastern European countries," Ulrich Leuchtmann, head of currency strategy in emerging markets at Commerzbank in Frankfurt, told the Moscow Times.

Author: Ksenia Kochneva