Ruble keeps the defense and not responding to the hype around oil

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Russian ruble in Thursday afternoon trading mixed in a basket of currencies. The U.S. dollar is worth 63,72 rubles (+0,05%). Euro fell by 0.2% and is estimated at 73,53 RUB Official rate of the CBRF for tomorrow, June 22, 63,78 make up a RUB for the American currency and 73,68 RUB for Euro. Both estimates revised to increase, 17 and 7 cents, respectively.
Today, the ruble remains aloof from the hysteria in the oil. Apparently, investors consider it undervalued because of the ruble cost of a barrel of Brent – now it is 4688 RUB However be aware that external risks can outweigh that market faith in the stability of the domestic currency.
In the commodities market continues sell-off, and although its volume has declined, the black gold is in deep red. A barrel of Brent falling by 1.5% and costs $73,61, a barrel of Texas light oil WTI loses 1.5% and is trading at $64,73. Inventories statistics released this week, API and the US Department of energy, in the price of raw materials is accounted for, and the market now, as usual lately, focused on the imminent start of the OPEC meeting.
Currently on the site are discussing the possibility of the absence of any agreement at all – it may mean that those of the participants in the oil deals that want to increase production quotas, will look for ways of circumvention of the existing framework. It is logical to assume that the shot can be as reputation OPEC+, and the interests of others.
On global market the dollar again goes on the offensive, and it is unlikely that the ruble long I can hold the Fort, being between two fires – falling oil prices and expensive greenbay. The US dollar closed trading today in the range 63,50-64,15, the Euro and finish in the borders of 73.30-74,00 RUB.
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Anna Bodrova,
Senior analyst,
Alpari