Morning attempt of strengthening of the ruble was not a long one

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Today the pair dollar/rouble continues to consolidate in the range of 56.5-57, the Euro/ruble – in the range of 69.6-70.2 percent. Morning Brent rose to $66 per barrel. Against this background, the ruble has attempted to strengthen. At the moment the dollar/ruble fell to 56.5 per, Euro/ruble – to 69,7. But later the situation changed: Brent fell back down to $65 per barrel, while world markets became again interested in the dollar. Against this background, the American currency has won back at rouble lost ground. At the moment, the dollar/ruble is located at the level of 56,9, and the Euro/ruble – 69,96.
Against the backdrop of high oil prices, stable demand for OFZ bonds and interest of global investors for risky assets, the ruble retains the potential to strengthen. In our view, this week for the dollar/ruble is the actual range 56,3-57,1, Euro/ruble – 69,6 and 70.8. It is possible that there will be movement to the lower limits of the aforesaid intervals. This contributes to the beginning of the tax period at the end of this week, combined with the demand for domestic currency by exporters.
Strong movements for ruble currency pairs in the near future is not expected. The determining factor for the ruble continues to be the dynamics of oil. In this respect, increased attention to the statistics on reserves and production of oil from the US Department of energy, which will be released on Wednesday at 17:30 GMT (USA switched to summer time).
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Roman Tkachuk,
Senior analyst,
Alpari