The ruble resists growing dollar
The ruble continues to provide strong resistance for rising in price dollar. Couple Wednesday morning USDRUB was trading almost unchanged, at the level of 64.42, after declining by 11 cents yesterday. EURRUB loses in the morning 2 cents, coming down to 71.89 and continuing yesterday’s decline of 15 cents.
At the same time, the dollar returned to the area two-year highs against a basket of 6 leading world currencies. It is also worth noting that the moderate strengthening trend of the USD since the beginning of this year was over the last month is noticeably more intense.
Not to say that the growth of the ruble is based on the behavior of oil: Brent in the morning fell below $71 and loses 1.7% since the beginning of the week. The appreciation of the dollar, which incorporated the reaction of the markets of oil, increases the pressure on quotes.
Perhaps the main factor supporting the ruble is now an increased demand for Russian assets in General. The sanctions pressure on Iran, and trade disputes with China have so far managed to pull the attention of the US action against Russia. In addition, the news trigger in the form of high dividends (declared and prospective) is fueling a speculative inflow of investors into the ruble for future purchases of the national companies.
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