Ruble set to rise despite the collapse in oil prices

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The ruble fell slightly against the dollar and remained almost unchanged against the Euro on Wednesday. Currency for the most part, ignored the collapse of oil prices, which fell by 7%. Following the session, the dollar came back a little above the level of 62 rubles, and the Euro settled near opening levels in the area of 72,60 RUB.
The Russian currency rather apathetic attitude to the free fall in oil prices. This is partly due to optimistic expectations of the upcoming meeting of the leaders of the United States and Russia and a gradual recovery in demand for ruble liquidity before the beginning of the tax period in the country. The successful auction of the Ministry of Finance also added to our currency strength for resistance to negative factors. In addition, the scale of profit-taking in the commodity segment was peppered with the emotions of the players and technical factors, whereas the main catalyst of sales was the news about the recovery of production in Libya.
Brent a little away from the lows and trying to recover. However, the ruble is not so many chances to show the rise during today’s session because Brent still remains at low levels and the dollar continues to demand ahead of a crucial report on us inflation. If the numbers do not disappoint, the position of “American” would emerge that will have a negative effect on the ruble in the second half of the session, as if Brent will not attract an impressive interest to buy on dips.
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Igor Kovalyov,
Analyst
InstaForex companies group