This week's fluctuations in oil prices and their impact on the world's stock markets may have investors worried but some analysts have pointed out a strong correlation between the commodity and emerging market currencies.
Commodity importing countries such as India and Indonesia have benefitted from lower oil prices whereas exporting countries such as Russia and Brazil suffered a major blow. And now, with oil prices rebounding this week, the Russian ruble is getting some relief.
The ruble is one of the top performing emerging market currencies this year, rising more than 12 percent against the U.S. dollar.