The ruble rose sharply against the dollar on the rise in oil prices
Towards the end of the session on Tuesday, the ruble sharply turned upwards and strengthened against the dollar and the Euro. The pair dollar/ruble marked fresh lows in close proximity to around RUB 64, screened per day within 0.2%. Euro/ruble closed in the area of 72,30 RUB lost 0.3 percent against the weakening of the single currency on Forex.
The Russian currency, which first showed a small downward, has received support from the oil market, where, after a pause, the bulls again went on the attack and sent Brent to new highs under the mark 72, the integrity of which quotes broke today in early trading. The concern about a potential shortage of supply added data about unexpected reduction of stocks of crude oil in the United States. Estimated API, last week the volume of reserves decreased by 3.1 million barrels and gasoline inventories fell 3.5 million
Also, the ruble is feeling better than their colleagues in the developing sector, and this happens due to the local factor in the form of a tax period, peaking next week, which means that the Russian currency still has a potential which is easily implemented in the continuation of oil rally.
Expert, Academy of management Finance and investment