The ruble has reached two-week highs against the dollar
The ruble has continued to strengthen its position in the auction on Wednesday, reaching new local peaks. The dollar/ruble has updated more than 2-week lows around 65,30 RUB, settling in the area of 65.40 RUB the end of the session, the results of which quotations decreased a quarter percent.
Major support for the ruble came from the oil that has returned to the highs this year due to the good data on US inventories and the positive mood of investors in General. According to the energy Ministry, last week crude oil inventories in the United States fell by 3.8 million barrels against the forecast of growth of 3 million, gasoline inventories fell by 4.6 million, while production fell to 100 thousand barrels per day – up to 12.0 million
Also, the ruble was supported by the results of auction the Ministry of Finance sold 10-year OFZs 26224 at a record 56.7 billion rubles, while the total placement of OFZ was 91.4 billion rubles.
In the short term, the ruble will focus on oil, where the rose the issue of breakout to new highs 2019. If the market will be the factor that will cause the rollback of the quotes on profit-taking, dollar/ruble may return higher of 65.50 RUB, also against the background of renewed demand for the us currency at the auction on Thursday.
Academy of management Finance and investment