The ruble exchange rate started to recover after the peak of stock market panic

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The Russian ruble is corrected and restores the position in a basket of currencies. The peak of the stock market panic behind us, but it is possible that this was only the first wave of market pitching. External background for the Russian currency has not improved significantly – it remains the same. Russia is under sanctions and the situation can only worsen. It is understood the Ministry of Finance, for example, who yesterday cancelled its weekly auction on placement of OFZ, is usually held on Wednesdays. While the market has a chance to stabilize, he enjoys it.
The US dollar to date is 61,57 RUB (- 1.6 million%). The Euro is trading at 75,95 RUB (-2%). Official rates of the Central Bank of Russia for tomorrow, April 13, 62,06 make up a RUB for the American currency and 76.75 RUB for Euro. Both estimates revised lower to 200 and 253 penny, respectively.
Whatever the desire of investors to recoup some of its previous losses, it is necessary to understand that the situation remains alarming. The story of “RUSAL” is to teach in his place at any time can be any of the Russian companies, but all of the distress of the accumulated reserves is not enough. External risks are too large, it can not be discounted. The technical picture retains a chance of returning the dollar to rise towards 66,50 RUB, if the external background will contribute to this.
The oil market slightly corrected after fixing at multi-week highs. A barrel of North sea Brent traded at $71,84 (-0,3%), WTI declines of 0.2% and costs $66,71 per barrel. For oil speculators, the main reason for the purchase is geopolitical tensions in the middle East – the fire breaks out is always very fast.
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Anna Bodrova,
Senior analyst,
Alpari