Oil prices can’t serve as a reliable support ruble

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The ruble depreciates moderately after the decision of the Central Bank to keep the key rate at 7.5 percent. Domestic currency still managed to resist the global trend in the decline in risk appetite, but the next week, after the end of the tax period, the course may feel an increase in the external pressure.
Oil prices can’t serve as a reliable support the ruble. Market participants nervous about approaching deadlines for the US sanctions against Iran: a number of companies and countries have already announced the termination of purchases of Iranian oil, the position of the other is not completely clear (of particular interest in this regard is the behaviour of China). Dynamics of “black gold” in the coming weeks, hard to predict.
The dollar, meanwhile, feels confident amid rising attractiveness of us assets, which are perceived by investors as reliable. An additional positive may be the strong report on GDP growth for the third quarter. Expected trading range for the coming week is 65,30 – 67,30 RUB/USD.
Vladimir Zotov
Head of Directorate of financial markets