The Russian ruble – despite being one of the top-performing currencies thus far in May – is likely to lose value during the coming months, economists told Bloomberg.
The monetary unit is poised to track the downward dip of the nation's economy and dive about 5 percent during the next three months, according to a survey conducted by the news service. Thus far in May, the ruble has climbed about 2.8 percent. The Russian economy, among the emerging markets of the BRIC nations, is drawing concern about its growth prospects.
"A lot of people trade the ruble on geopolitical concerns – if you do that, you can lose the fortune of your life," senior foreign-exchange strategist Peter Kinsella with Commerzbank AG in London told the news outlet on Wednesday. "Regardless of the political de-escalation, the fundamental backdrop for the ruble is fairly poor."
The ruble fell about 0.1 percent on Thursday against the world's reserve currency, marking a fourth-straight day of losses.
Brazil, India and China are the globe's three other emerging market economies.
The presidents of Russia, Kazakhstan and Belarus signed an agreement on Thursday to further trade relations among the three nations, according to Reuters.
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