The euro is starting to gain momentum against the RUB

The euro is starting to gradually gain momentum against the Russian ruble despite the conditions in the oil market. However, looking at it, it appears that the bearish traders are on the defensive and are most likely to remain there because of the rising number of new coronavirus infections across the globe. This is because the Russian ruble is a commodity-linked currency, its direction affected by the status of oil prices. And considering that the number of cases is rising once again, it could slow down the recovery of the crude demand and prices. Earlier this month, the Russian ruble was dubbed as the underdog in the currency market, and it is proven that it has resilience as it continues to prevent the euro from snatching massive gains in the previous weeks. The pair is widely projected to head upwards in the coming days, but it will be a gradual journey. As of writing, the ruble is pressured by the decline in Moscow’s stock market.