The dollar rose against the ruble, investors are waiting for the decision of the Central Bank of the Russian Federation

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On Thursday, the ruble retreated to a basket of currencies under the influence of local technical correction in the oil market, whereas the tax period, limited bearish potential. Following the session, the dollar and the Euro rose 0.64% and 0.37%, respectively. The dollar has returned above the level of 57 rubles, but failed to close the bearish gap formed at the start of the session.
The ruble showed a limited downward momentum throughout the day, despite the double pressure – from the flight from risk and the weakening of other emerging market currencies, as well as the decline in oil prices. Brent failed to break the mark of 70 and passed to correction, but held above the level 68, and again in the morning stormed the area 69. Currency immune to the effects of tax payments and the unstable position of the dollar which attracted demand in the second half of the day, but on the morning trading everywhere losing ground on the international Forex market.
Today will be a meeting of the Bank of Russia, which, in fact, there are prerequisites for reducing the rate in a more aggressive format – just 50 basis points. However, in the framework of the base scenario expected that the regulator will not surprise and will cushion the policy by 0.25% due to increased currency risks against the backdrop of worsening geopolitical situation. Given the resumption of purchases in the oil market and the weakening of the dollar, the ruble may start today’s session with a jerk up and re-send the “American” under the mark of 57 rubles.
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Igor Kovalyov,
Analyst
InstaForex companies group