Ruble: Russian Central Bank may push the purchase of foreign currency
On Tuesday afternoon, the Russian ruble strengthened to a basket of currencies. The US dollar to date is 66,35 RUB and decreases by 0.4%. Euro is losing 0.15% of the weight and is trading at 75,55 RUB the Russian Central Bank has established the following courses of currencies on Wednesday, December 12: 66,59 rubles per US dollar (up 26 cents) and 75,61 RUB over the Euro (down 9 cents).
Commodity market is showing interest to purchase, but all the observed movements of the last three days – pure volatility, “tempest in a teapot”. Directional movement no, because there is no understanding of demand and step-by-step actions of OPEC member countries+. The cartel decided to cut production, but it is obvious that he has no idea what to do with prey on. A barrel of Brent is trading higher by 1% and costs $60,52. Short-term fluctuation remains in the range of $59,50-61,50.
The main intrigue for Russian currency market now lies in the fact that it says the Central Bank at Friday’s meeting about purchases of the currency in January. The bet will have to raise in any case – if not now, then at the next next meeting for sure, because inflation is galloping too quickly. But intervention is not so transparent, the CBR can now say that access to the market for the currency will be “reasons”, but will actually be shopping early in the decade. It will have on the ruble, the pressure to which the market is ready.
The US dollar will spend the rest of today’s session in the range 66,10-of 66.75, the Euro will finish the day within 75,30-of 76.00 RUB