Ruble falls after the failure of the next auction OFZ

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The Ministry of Finance failed auction OFZ. The Russian market is growing rapidly due to the rise in oil prices. The rouble falls against dollar and Euro.
The Finance Ministry held on the eve of the first after one month pause auction of Federal loan bonds. The investors were offered securities on the 20 billion rubles. However, the offered amount was able to realize only 7.4 billion. Low demand for Russian government bonds shows the reluctance of investors to invest in Russian debt, even at current high yield. The failure of auctions of the Ministry of Finance triggered a sell-off of rubles on Masuria. The active ruble falls against dollar and Euro.
Today for one unit of U.S. currency give 66 rubles 40 kopecks, the Euro traded at 76 rubles 30 kopecks. The MICEX index rose to 2485 points, and oil quotations of mark Brent has overcome a mark 86 dollars per barrel. Bitcoins according to CoinMarketCap traded near $ 6600.
The fall in the domestic currency is associated not only with the auctions of OFZ bonds, but with a technical correction, which is long overdue. Earlier, we recommended buying USD in the range from 65 to 66 rubles in the medium term. Those who have used this recommendation, we suggest to be patient and wait for the growth of the American currency. We believe that to go below 65 in the near future the dollar will be difficult.
Gleb Zadoya,
The head of the analytical Department of the company,