The prospects of the ruble look good

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The ruble retreated slightly against the dollar and was steady against the Euro at auction on Thursday. Sudden and significant movements continued to happen- the currency pair was moving within the traded ranges. The dollar, which has upgraded at least the end of February on 65,27 RUB the end of the session reached in the area of 65.50 RUB.
The ruble was not able to move above yesterday that, in fact, is not surprising given the strengthening of the dollar in the Forex market and some weakening of em currencies.
Oil the end of the day also bounced from 4-month highs and settled in negative territory. However, the overall situation in the raw materials segment remains favorable, and in the camp of the players even begins to show concerns about potential supply shortages due to interruptions in the supply of U.S. sanctions and the slowdown of activity in the United States.
At this stage the prospects of the ruble as a whole look good. Oil is at high levels, the dollar behaves uncertainly and traded erratically due to a more dovish attitude of the fed, and the next tax period in the Russian Federation is able to support our currency. In the short term, the pair dollar/ruble will probably remain in the range 65-65,80 RUB. – for breakout of the level of 65 rubles. the preconditions are not observed.
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Gennady Nikolaev
Expert
Academy of management Finance and investment