The ruble lost stability
Wednesday, August 28, the ruble is very discouraged, and didn’t notice any positive news or increase in the price of oil. In the end, at the close of trading, the U.S. dollar calculations “tomorrow” rose again, adding another 36 kopecks (+0,54%), to 66.8 rubles, and the Euro was not far behind, rising by 29 kopecks (+0,4%), to 73.98 RUB.
Perhaps the main negative that pushed the ruble down, was the news from Argentina, which authorities addressed the IMF with a request for deferment of debt payments. Recall that in 2018, Argentina received financing from the International monetary Fund, the amount of financial assistance exceeded $56 billion. Probably, the authorities ask for a postponement in connection with the election campaign where, as shown by recent primaries, the incumbent President things go wrong.
However, despite the recognition by the Ministry of Finance of Argentina failing to be able to repay the debt to the IMF, the Argentine peso collapsed on Wednesday at 3% against the dollar, pulling the currencies of other countries in Latin America. The Brazilian real fell yesterday against the dollar by almost a percent, Mexican and Colombian peso have lost a little less, about 0.2%, while the Colombian peso has declined in value, but only by 0.06%. The ruble has become one of the Latin American currencies?
On Wednesday the price of Brent and ICE oil grew by 0.8%, to $59,77 per barrel. Commercial oil stocks in the US fell by 10.03 million barrels while the market waited for the fall to only 2.11 million in other circumstances, the oil would fly away into space, however, instability in the markets of Latin America, prevented growth. This morning Brent is losing 0.6 percent.
Today amid the global instability of the ruble at the opening may again be cheaper. We raise forecasts for the dollar to RUB 66-67 per dollar, at the exchange rate of Euro to 73,5-74,5 RUB for Euro.
“Information-analytical center “Alpari”