Russian ruble on Wednesday is recovering moderately

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Russian ruble on Wednesday afternoon is recovering moderately, in a basket of currencies after a stormy Tuesday evening. The US dollar is now 65,93 RUB (-0.4 per cent). The Euro is trading at 75,07 RUB (-0.2 percent). Courses of the Bank of Russia on Thursday, 22 November, are 65,94 RUB per U.S. dollar (increased to 36 cents) and RUB over the 75,14 Euro (reduced 4 cents).
The ruble managed to play yesterday’s drop in oil, the emotional component had subsided, and the market stabiliziruemost. The Finance Ministry today at the first of two auctions in full volume of placed bonds (OFZ) series 26223 maturing in February 2024. We are talking about the placement of OFZ bonds for 10 billion roubles, the demand for which has $ 25.6 billion. The results of the second auction will appear in the evening, but it is worth noting that, despite some correction of global capital markets, the interest in Russian securities may be reduced.
Oil cheerfully corrected after a “black Tuesday”. A barrel of Brent recovering to 1.8% and is about $63,67. Information from the API, indicating a pause in the upward trend in stocks of raw materials in the United States, already considered by the market. The data showed an increase in crude oil inventories of 1.5 million barrels for the first time in eight weeks, the indicator is not falling, but rising. Today will be published similar data from the US Department of energy. Average expectations of analysts – the growth of crude oil reserves by 3.45 million barrels, with a simultaneous weak growth in gasoline stocks and a decline in distillate stocks. If the observations of EIA reflects the ninth consecutive growth of oil reserves, the bears will return to the court very quickly.
The ruble continued to feel the support of the tax period, but to fully rely on this driver is still not worth it.
USD will conclude the session environment in the corridor 65,80-66,55, the Euro finished the day about 75,00-75,65 RUB.
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Anna Bodrova,
Senior analyst,
Alpari