The ruble will be stable against the background of rising oil prices, the tax period and the decisions of the Central Bank

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The ruble on Mosberg Friday’s gains against the dollar and Euro after the decision of the Bank of Russia until the end of September to buy foreign currency in the interests of the Finance Ministry, rising oil prices and tax period.
The dollar calculations “tomorrow” at 11.55 decreased by 37.75 pennies to 67,81 ruble. The Euro by this time was reduced by 31.25 kopecks, reaching 78,43 of the ruble.
Quite active growth of the ruble began the day before after reports the Bank of Russia that until the end of September it will cease the purchase of currency on the domestic market for the needs of the Ministry of Finance.
In addition, the Russian currency supports the growth of the world prices for oil on Friday for the first time since the end of July rose above $75 per barrel of Brent. Oil prices are up because of fears of market participants about possible reduction of deliveries of oil from Iran, is associated with the action against the country of the U.S. economic sanctions.
The approach the most active period of tax payments in Russia – August 28th, when companies start buying rubles, it also encourages the growth of quotations of the ruble.
It can be expected that in the nearest future the ruble will look quite stable and move in the range of 67.5-68 rubles against the dollar and 78-78,5 rubles against the Euro.
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Ivan Marchena,
Analyst
GK Forex Club