Expensive oil is not able to support the ruble
On Thursday, the Russian currency continues to lose ground, despite the renewed rally in the oil market. The us dollar opened with a gap up and updated 2-week highs just below the level of 65 rubles. In the middle of the day, the pair adds 0.5% and maintains the fighting spirit.
The pressure on the ruble has several factors. First, the currency has exhausted the support of the tax period, without which it will be difficult to deal with the bearish drivers. Second, the dollar faced a wave of widespread purchases which affects all of the currencies of the developing segment.
Third, came on the scene the geopolitical factor. In particular, the headquarters of the winner of the presidential elections in Ukraine, Vladimir Zelensky urged to tighten sanctions against Russia, expressing dissatisfaction with Moscow’s decisions to simplify the procedure of issuing Russian passports to residents of Donbass.
Against this background it is not surprising that the ruble ignores the rise in oil prices, which updated the highs from early November at around 74,72 dollars per barrel Brent. In this case, if the dollar rally in the Forex market will start to fizzle out, high quotes black gold is able to limit the pressure on our currency, whose main task at the moment – not to put the dollar above the level of 65 rubles.
Gennady Nikolaev, Expert,
Academy of management Finance and investment