The ruble has ceased to fall, but began to grow

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The Russian ruble on Tuesday strengthened slightly to a basket of currencies. On the one hand, there is a component of technical rebound: “Russian”, with minor pauses weakened, since 12 March, and now the market corrects position. On the other – noticeably is more expensive oil and raw materials behind the ruble goes up. As a result, the U.S. dollar is 57,82 RUB (-0,02%). The Euro is estimated at RUB 71,18 (-0,2%).
Official rates of the Central Bank of Russia for tomorrow, March 21, 57,70 make up a RUB for the American currency and 71,23 RUB for Euro. Both estimates revised to increase by 15 and 63 kopecks, respectively.
Oil prices develop a local rally. A barrel of North sea Brent crude rises in price by 1.2% and costs $66,84. For a sharp improvement in sentiment in the black gold is the special occasions, the market may test technical levels in anticipation of formal publication API on stocks of oil and oil products. Average market expectations suggest that the stocks of raw materials to expand on last week at 2-3 million barrels. Attention of the bidders will be focused on the parameters of stocks of gasoline and distillates.
So, the ruble has ceased to fall but to grow also began. The effect of political elections in Russia have been reflected in the rates yet. The final counting of votes on the behavior of the ruble is not affected in any way. But the mixed external background, which remains relevant due to the confrontation between Moscow and London, and prevents the recovery of the Russian currency.
New steps the UK can happen at any time, and while on the court fear that, the ruble will remain in a relatively weak position. The rate of United States dollar will close today’s session at within marks 57,60-58,15 Euro and will be located within the boundaries of 71.00-71,65 RUB.
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Anna Bodrova,
Senior analyst,
Alpari