The ruble strengthened growth and aims to around 64 per dollar
The ruble continued to strengthen on Wednesday, gaining 0.3% in pairs with the dollar and the Euro. The dollar/ruble continued movement to the South under the mark of 65 rubles, noting the may low of 64,43 RUB and closed slightly higher. Euro/ruble reached RUB 72,7 approaching the level of 72 rubles.
The Russian currency is in demand on the background of General decline of tension in the markets. Trump not only has softened the rhetoric against Beijing, but also spoke about a possible postponement of the introduction of duties on car imports from the EU. This contributed to further improvement in investor sentiment, which, however, continue to exercise caution.
Also, the ruble was supported by a successful auction of the Ministry of Finance. On Wednesday, the Ministry has placed OFZ in amount slightly less than the record set in April. Meanwhile, oil prices accelerated rise and remain positive in the morning deals on Thursday. Brent is testing the level of 72, despite the fact that yesterday’s data, US Department of energy has reflected the growth of crude oil reserves by 5.4 million barrels.
Throw in the outbreak in Russia the tax period, and the support in the direction of the ruble looks really good. However, because the dollar in the Forex market feels good, and the growth of oil may be interrupted at any moment and looks unstable, a significant increase of the ruble from current levels is unlikely, especially because interest to risk is already fading again.
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