The ruble continues to struggle around 63 per dollar
At auction on Tuesday, the Russian currency slightly strengthened against the dollar. Important internal factors were not behind this – rather, the role played by the General improvement in sentiment in the segment of risky assets and the weakening of the dollar on the Forex. Following the session, the dollar/ruble settled in the area of 63,20 RUB, to stay above the level 63 RUB.
The dollar retreated in pairs with other major currencies in part because of profit-taking before the celebration of independence Day in the USA, which today the liquidity in the international markets is going to be quite low. The situation in the oil market, where there is uncertainty, do not have an appreciable effect on the rate of our currency, though the high quotes in General provide some support for the ruble. From a technical point of view, the dollar is clinging to 63 rubles, which prevents a more coherent reconstruction of the “wood”.
In the short term, the ruble will continue to push off from the sentiment on the dollar, which on a Wednesday morning is trading under a slight pressure. Also on the ruble exchange rate will affect the announcement by the Ministry of Finance of the amount of the July intervention, which promises to be even higher than the previous record. A certain influence on the position of the ruble will have the results of today’s auction the Ministry of Finance, which the Agency plans to place the paper on 30 billion roubles. If the demand exceeds the supply, and the oil market will do without a new bout of profit-taking, today, the ruble will have a chance to send a dollar under the mark of 63 rubles., although in General, the ranges will be limited.
InstaForex companies group