The dollar calculations “tomorrow” rose to 56.33 rubles, the Euro fell to 9 cents

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Wednesday, February 28, at the end of the trading session on the Moscow exchange rate of the us dollar calculations “tomorrow” increased by 5 kopecks (+0,10%), to 56,33 Euro fell by 9 kopecks (-0,13%), to 68.85 RUB Trading volume in the pair dollar/ruble amounted to $3.6 billion (-5,5%),and Euro/ruble – 424,1 million euros (-9,69%).
The Central Bank of Russia from February 28 has set the official US dollar rate to ruble at the level of 56,3742 RUB below the previous day 70,25 COP. Official Euro to ruble exchange rate was set at around RUB 68,9062 compared to the previous value rate increased by 24.63 COP.
Trading on the domestic foreign exchange market opened to increase the exchange rates of foreign currencies against the background of falling oil prices in the Asian session. With their recovery, the dollar fell from 56,47 to 56,04 Euro – 68,98 RUB to RUB 68,50
The ruble looked good before the release of data of U.S. Department of energy. A barrel of Brent fell by 3.4% to $64,48. The report reflected an increase of reserves and oil production in the country. On the background of falling oil prices, the dollar rebounded by 30 kopecks to RUB 56,34, the Euro rate by 26 kopecks to RUB 68,76
According to the latest weekly EIA data for the week from 17 to 23 February, crude oil inventories in the U.S. rose to 3,019 million barrels (consensus was +3 million barrels). Gasoline inventories increased by 2,483 million barrels (consensus was +0.6 million barrels). Distillate stocks fell on oil 0.960 million barrels (consensus was -0,950 million barrels). production rose by 13 thousand, to 10,283 million barrels a day.
Given that the global currency market the US dollar rose against all other main currencies to ruble exchange rate it showed a modest increase. I associate it with the results of auction the Ministry of Finance of the Russian Federation. After the increase of Russia’s credit rating the Agency has successfully placed two issues of OFZ bonds for 50 billion rubles in total demand and 140.3 billion roubles.
At the end of the day, the ruble fell against the dollar slightly strengthened against the single currency due to its weakening Forex. The Euro/dollar fell below $1,22.
Thursday, March 1, the price of Brent crude oil is $64,69 (+0,11%). As the level of $65,75 could not resist, now waiting for price reduction to $63,65. The peak of tax payments and auctions of the Ministry of Finance behind. The ruble to the end of the week will be left without support. I think that on the background of General strengthening of the American currency in the pair dollar/ruble will return to the area 56,70-56,80 RUB In EUR/RUB will remain sideways in the range 68,50 – 69,00 RUB On oil preparing for the reduction in the cost of a barrel of Brent to $61,70 to March 19.
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Vladislav Antonov,
Analyst
Alpari