USD/RUB crosses 72
The continuing declines in oil weighed heavily on the Russian ruble today, spending USD/RUB to its highest close on record.
The zone around 72 has been somewhat of a line in the sand in the past. Several pushes above have been beaten back by monetary authorities who aimed to stem the ruble's decline.
The latest move has been largely orderly and unless oil begins to turn around, it's difficult to envision anything but a retest of the all-time intraday day set last December at 79.18.