The ruble is back to the fall and exceeded 66 per dollar

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The ruble on Thursday too quickly jumped over the mark of 66 per dollar, although a serious reason. Given that after Rosneft yesterday reported excellent metallurgists, in particular, NLMK reported an EBITDA growth of more than 50% yoy, and overall, it looks like the devaluation of the ruble definitely grist to the mill of the Russian commodity exporters – and not only in the oil and gas sector. It seems that currency markets have not laid this fact in the current rate – as well as calming external geopolitical background.
Russian ruble debt, again, is more confident: this week, OFZs, as we remember, is with the highest for more than six months with a volume of 35 billion rubles for a fairly low yield to maturity, below 8.3 percent. All of this gives no reason for too fast and deep correction in the ruble, so today’s rebound from the border 66 of the downward trading channel looks sufficiently justified, outside of the aspect of the rate decision, the Central Bank of the Russian Federation.
Meanwhile, investors are waiting for decisions on this important issue – no doubt, it is today should be seen as the main event of the day. Most analysts believe that the reasons for the changes. In fact, any rate changes – both in one and in the other direction – at each meeting is not added to investors of confidence. As a preventive measure such things also hurt, as expensive loans, as you know, hamper business activity in the real economy. Accordingly, the ruble, returning to your comfortable range 65 – 66, next few days likely will once again be in it to grow roots.
Vladimir Rojankovski,
“International Financial Center”