The dollar the ruble is not a hindrance

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The ruble in early trading retreated under the onslaught of the dollar, which recovered after a prolonged period of weakness. However, the Russian currency support of sales of export proceeds within the framework of the tax period and the upcoming placement of OFZ. In addition, investors hope to increase Russia’s sovereign rating by major international agencies that contribute to the stabilization of the economic situation in the country, the balanced budget policy and a low probability of introduction of new painful sanctions.
In the oil market today mixed dynamics is observed: Brent is trading in red zone, while WTI is steadily gaining value against the background of limitations of supplies of raw materials from Canada to the United States. Overall, the long-term prospects of “black gold” remain uncertain: despite the statements of OPEC representatives about the success of the global Pact to limit production, increasing activity of the American companies questioned the feasibility of the efforts of the cartel and its partners.
Expected trading range for today is 56,15 – 57,15 RUB/USD.
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Vladimir Zotov
Head of Directorate of financial markets
The Ural Bank for reconstruction and development