The ruble weakened nonstop for sensing the outflow of capital

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The beginning of new trading week was marked by new defeats for the ruble, which reached lows of mid-March 2016 in tandem with the dollar against the continuing Exodus of players from Russian assets. The Euro/ruble for the first time since the end of February of the same year touched the mark 81,74 RUB.
The domestic currency falls without respite, feeling a growing hostility from non-residents, frightened by the prospects of tougher sanctions from the US and the EU, the tense situation in Syria, the difficult situation in emerging markets and the General reluctance of international investors to buy risky assets. Tomorrow the senators will resume hearings on the introduction of new restrictions against Russia, and in such situation the rouble is unlikely to be a chance for local correction, even if oil prices will show stronger growth.
If in the next few days from the West will continue to be the threat of additional “punitive measures,” the upcoming tax period will not relieve the pressure on the “wood”. Compounding the situation, the domestic factor, namely, the Sunday protest against raising the retirement age. While sales of the ruble continues even during periods of a weakening dollar, which had fallen against major currencies. This emphasises the vulnerability and defenselessness of our currency. So, it is possible that in the near future the dollar will exceed the next threshold in the level of 71 rubles. But first rule out a correction in the direction of the level mark of 70 rubles.
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Igor Kovalyov,
Analyst
InstaForex companies group