The dollar is growing, the ruble is left without support

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Russian ruble on Thursday afternoon with a small trading activity in pairs of foreign currencies. Now it ignores the drawdown in oil, and previously was not played by the strengthening of the dollar against the Euro to highs of the year. On the one hand, the ruble is well supported by the ongoing tax period, but probably the market is something else acting as a stabilizing factor. It can be reduced in comparison with the usual level of purchases by the Ministry of Finance of the foreign currency, allowing the ruble to feel comfortable or trust the operation of large investors for certain purposes.
The US dollar to date is 61,36 RUB and rising by 0.06%. The Euro is trading at 71,87 RUB (+0,2%). Official rates of the Central Bank of Russia for tomorrow, may 25, 61,40 make up a RUB for the American currency and the Euro 72,00 RUB. Both estimates revised lower by 19 and 18 cents respectively.
Oil prices again went into minus. A barrel of North sea Brent crude falling by 1.2% and is trading at $78,89. Per barrel of light oil WTI $70,99 (-1,2%). Published on the eve of the report of the energy Ministry showed a sharp rise in crude stockpiles for the week – almost 6 million barrels, with a simultaneous increase in gasoline stocks and a small decline in distillate stocks. In anticipation of the holiday season in the States, these figures look amazing, and the market is regular retreats. An additional bearish factor is the information on the continued growth in US production (+2 thousand barrels/day for a week).
Yesterday’s auction the Ministry of Finance on the proposal of the OFZ have been quite successful – both editions is full, the order book in both cases, were oversubscribed two times. This is a good signal for the rouble in General it means that the may decrees of President Vladimir Putin and its subsequent rapid search of money to implement them frightened nobody, and was not alarmed.
The US dollar closed trading today in the range of 61.00-61,85, the Euro and within the boundaries of 71,60 72.50 per person RUB.
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Anna Bodrova,
Senior analyst,
Alpari