The ruble has ignored the main directions of budgetary policy

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Monday, July 9, at the end of the trading session on the Moscow exchange rate of the us dollar calculations “tomorrow” fell by 48 kopecks (-0,77%), 62,48 to the Euro by 55 kopecks (-0,74%), up to 73,45 RUB Trading volume in the pair dollar/ruble amounted to $2.5 billion (+8.00 percent), and Euro/ruble – 496,4 million Euro (+12,25%).
The Bank of Russia from July 10 to set the official US dollar rate to ruble at the level of 62,8338 RUB below the previous close in 28,78 COP. the Official Euro to rouble was fixed at RUB 73,9365 compared to the previous value rate increased by 3.37 COP.
The Russian currency ended the day in positive territory. Its strengthening against foreign currencies contributed to the increase in oil prices, a General decline of the dollar in the first half of trading, as well as hopes for a thaw in relations between Russia and the United States after the meeting of Vladimir Putin and Donald trump in Helsinki, which is scheduled for July 16.
The ruble did not react to the plans of the Ministry of Finance to increase purchase of foreign currency on the domestic market with oil and gas revenues in 2019 – 2021, which is marked by the Ministry as one of the main directions of the budget policy. It may be right that the traders ignored a three-year plan, because nobody knows how much oil will cost in 2019 and even more in three years.
The dollar closed the day fell to of 62.42 Euro – 73,30 to RUB the Pair remains trading in their ranges in which they find themselves since may. On older time periods (day and week), no changes have occurred. And it is unlikely that will happen until July 16. Expect in the next few days the dollar will remain sideways trend in the range 62,20–RUB of 64.00 For the pair EUR/RUB current price range 72,90 – of 74.30 RUB.
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Vladislav Antonov,
Analyst
Alpari