Dollar surges against oil-backed currencies as crude falls below $60

The dollar extended its gains against the ruble, Norwegian krone and Canadian dollar Thursday as crude oil prices fell below $60 a barrel, a sign that the contagion that has afflicted the ruble for the past two weeks has spread to the currencies of other major oil exporters.

The buck traded at USDNOK, +0.56%  7.32 krone, and USDCAD, +0.10%  1.155 Canadian dollars, its highest level since July 2009, compared with 7.13 krone and 1.140 Canadian dollars Wednesday afternoon.

Strong November retail sales figures pushed the dollar higher against its G-4 rivals, helping it snap a three-day losing streak. The euro EURUSD, -0.14% traded slightly below $1.24, compared with $1.245 Wednesday.

The buck traded at 118.90 yen USDJPY, -0.02% compared with ¥117.57 Wednesday. It traded flat against the pound GBPUSD, -0.05%  at $1.57.

The ICE U.S. Dollar Index DXY, -0.01% a trade-weighted measure of the dollar’s strength against a basket of six rival currencies, rose 0.38% to 88.60.