Going the Other Way Even while newspaper headlines are still full about the ruble’s panic sell-off last week, the ruble has actuallyrisen by 39% from last week’s intra-day lows near 80 to the dollar over the past five trading days (1 ruble was 0.0125 dollars at one point on December 16, while at the time of writing early on Monday, 1 ruble was 0.0174 dollars. That is an increase in the currency’s value of more than 39%). In the traditional notation USDRUB it’s a decline from 80 to 57.48. In early trading on Monday, the ruble has moved back to the level it inhabited on December 5. Anyone shorting the ruble between December 5 and December 16 or selling his rubles for foreign currency during this time period is now deeply underwater:
This post was published at Acting-Man on December 22, 2014.
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