The ruble ignores oil
The ruble this week weakened significantly, ignoring the growth of quotations above $ 75 per barrel. The key negative factor for the Russian currency was the escalation of political tensions: investors cautiously reacted to Moscow’s decision on simplified obtaining Russian passports by residents of Donetsk and Lugansk national republics. The situation could in theory be used to strengthen the sanctions.
Another factor of pressure on the ruble has been the significant strengthening of the dollar caused by the publication of good economic statistics of the United States. The American currency had the desire of players to reliability on the background of the deterioration of world trade.
From the positive moments it is possible to allocate the residual sales of export proceeds within the tax period, and the rhetoric of the Central Bank: the regulator has kept the key rate at 7.75% but raised the possibility of decline in June.
Expected trading range for the coming week 63.75 – 65,75 RUB/USD.
_______________ Vladimir Zotov
Operating officer of the Treasury,