The ruble on Monday is trading timidly and hesitantly

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Russian ruble on Monday afternoon traded timidly and hesitantly, although the reason for the activity is more than enough. Investors choose what to go: for a weak dollar (very interesting) or for sales of oil (even more interesting). As a result, by mid-afternoon, the greenback is trading at 66,45 rubles (+0,08%). The Euro increased by 0.1% and is estimated at 75,80 RUB the Russian Central Bank has lowered the rates of foreign currencies on Tuesday, December 11. They are 66,24 RUB/USD (-70 cents) and 75,70 RUB/EUR (-37 cents).
Commodity market in the afternoon back under bearish beginning. A barrel of Brent is losing 1.7 percent weight and is now $60,65. WTI oil not far behind, falling in price by 1.8% and is trading at $51,68. The oil, apparently, aligns the position after the decision of OPEC+ and the following hype associated with them.
Friday’s statistics from Baker Hughes showed that total number of drilling rigs in the U.S. declined for the week on 1 PC, but if you look at the breakdown by components, we see that oil rigs declined by 10 units, but gas rose 9. Hence, the visible balance.
Already next Friday, the CBR will decide on the key rate. On the one hand, in Russia, obviously, accelerating inflation, and it can be a signal the Central Bank to increase borrowing costs. On the other hand, January and February we will see continued growth in the consumer price index (due to VAT and emotion of the consumer), so the Central Bank with high probability will raise the key rate on Jan.
For the ruble in the moment is neutral information. But the intention of the Central Bank in January to enter the market with foreign currency purchases thereof will not be called. The regulator previously said that the final decision on whether to go to the site or not, will take time for the December meeting. Most likely, this issue has been resolved, and here for the ruble lies a serious factor of pressure. But until Friday with her facts.
The US dollar will potorguemsya today until the end of the day in the range 66,10-66,85 RUB, eurocurrency spend the rest of the day within 75,50-76,35 RUB.
Anna Bodrova,
Senior analyst,