The ruble is unstable before the meeting of the Central Bank of the Russian Federation

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The ruble on Friday, unstable pending the decision of the Board of Directors of the Central Bank’s key rate. A positive impact on the Russian currency has a factor of high oil prices, but at the same time, pressure on the exchange rate continues to have a difficult foreign policy situation.
“Black gold” is growing after the statements of Saudi Minister of energy Khalid al-falikha that OPEC and in 2019 will be required to coordinate efforts with other large producers to reduce production. In addition, investors take into account the reduction of the American stocks of raw materials while maintaining high global demand.
The dollar weakened against the Euro, while continuing to feel confidence in comparison with the currencies of developing countries: the appetite of players to risk is waning amid concerns about the outbreak of a trade war between the US and China.
Expected trading range for today is 56,60 – 57,60 RUB/USD.
Vladimir Zotov
Head of Directorate of financial markets
The Ural Bank for reconstruction and development