The pressure on the ruble may increase if the oil market will fall

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The ruble continues to trade steadily since the beginning of the five days trading, showing a slight downside bias after an impressive rise last week. Developing countries ‘ currencies as a whole felt less confident, and in comparison with colleagues from the segment “Russian” looks quite decent.
At this stage the situation on the world markets involves the strengthening of the Russian currency. Investors fear the overt manifestations of interest to risk, the oil is a bit down because of rising drilling activity in the U.S., and the dollar is universally stronger, although it remains near a 3-letih lows.
In these circumstances, the main tone in the pair dollar/ruble sets the overall dynamics of the dollar, pressure on which has somewhat weakened, but the pace and scale of the rollback is not yet allow to speak about full and sustainable recovery. Accordingly, the risks to our currency in this plan are limited, especially as a partial counterweight is now the traditional tax period.
The pressure on the ruble may increase if the oil market will be developed bearish momentum, and the dollar will feel the support on the background of tomorrow’s publication of the January meeting of the Federal reserve. However, given the fundamental weakness of the dollar, in this scenario, growth is unlikely to be long-lasting, and the currency will once again attract sales growth.
Roman Blinov,
The expert of the company,
“International financial center”