The ruble partially won back losses prior to catalytic Easter
Thursday, March 29, at the end of the trading session on the Moscow exchange rate of the us dollar calculations “tomorrow” has decreased by 46 kopecks (of -0.81%), to 57.25 Euro – by 54 kopecks (of -0.76%), to 70.47 RUB Trading volume in the pair dollar/ruble amounted to $3.3 billion (0,0%), and Euro/ruble – 625,5 million euros (+85,88%).
The Bank of Russia from March, 30th has set the official US dollar rate to ruble at the level of 57,7626 RUB. that above of the previous day by 20.28 COP. the Official Euro to rouble was fixed at RUB 71,0942 compared to the previous value rate decreased by 23.97 COP.
On Thursday, the Russian ruble felt so confident that I was not paying attention to the decline of oil prices at the opening and strengthening of the American currency.
Market participants also ignored the statement of the Prime Minister of great Britain Theresa may about the possible closure of access to European clearing houses Euroclear and Clearstream to service the Russian debt.
In the second half of trading, oil prices resumed their growth, which is further supported Russian currency. The market behavior can be linked with the celebration of Western Easter. Someone decided not to leave open positions before the long weekend. The dollar fell to 57,27 Euro – RUB to 70.46
Support for the oil market had a statement by the Minister of oil of Iraq Jabbar al-Luaibi that some countries involved in the transaction OPEC support its renewal for six months. The agreement is valid until the end of 2018, with the possibility of revision of its terms in June 2018.
Due to the upcoming celebration of the Catholic Easter, the Baker Hughes report released on Thursday. According to the latest weekly data for the week from 24 to 29 March, the number of active drilling rigs in oil production in the US decreased by six units to 798 units. The number of installations for the extraction of gas increased by four units, up to 192 pieces. The total number of drilling rigs declined by 2 units to 993 units.
On Friday, March 30, the oil market closed. In the Asian session, the greenback is trading on the downside most major currencies. I believe that the geopolitical risks for the rouble will be retained and keep reinforcing it. And “bear” phases in the oil market will act as a catalyst for sales of “Russian”.
To predict exchange rates of foreign currencies against the ruble today will not, as in thin Forex market and in private exchanges in countries celebrating Easter, the dollar and the Euro can easily go back to the levels of the environment on the level of 57.75 RUB over the “American” and 71,05. European currency, respectively.