The ruble has grown considerably against the dollar in 2019
At the beginning of the new trading week the ruble continued to strengthen its positions, sending the dollar to new lows since August last year. The pair dollar/ruble came close to the mark 64 RUB, gaining a day nearly 0.5 percent. Euro/ruble, meanwhile, has gone under the mark of 73 rubles.
The current equanimity of the Russian currency is a number of factors.
First, the ruble significantly emboldened with the beginning of the tax period with the large payoffs that will support our currency until the end of the month. Second, the impact of expectations bole dovish stance from the fed. Moreover, this factor helps the developing assets of the segment as a whole. Third, the dollar on the Forex market continues to trade uncertainly and mostly remains under pressure.
It is also important that Western sanctions were not as tough as many feared, and the strong seasonal current account surplus in the first quarter – a good tool for the ruble.
As for the prospects of further growth, the steady breakdown of the level of 64 rubles., which is a strong resistance, it is unlikely. But “puncture” at the moment it is not excluded, especially if the fed at the upcoming meeting, a blow to the dollar and oil will remain in a high position.
Academy of management Finance and investment