The ruble will fall, but from the collapse will keep expensive oil

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The ruble on Mosberger Thursday continues to weaken, but rather slightly supported by growing oil prices. The dollar calculations “tomorrow” at 11.25 rose by 22 kopecks up to 21.25 ruble. The Euro by this time was strengthened by 13.5 kopecks to the ruble 79.72.
Market participants continue to expect the possible introduction of new economic sanctions against Russian strategic companies, state debt and state-owned banks in September. These concerns do not give the Russian market grow up, although he could do this with the support of high oil prices.
World prices for “black gold” on Thursday, rising above $77 per barrel of Brent after data from US Department of energy on oil reserves in the country. Thus, commercial oil reserves in the U.S. last week fell by 2.6 million barrels, whereas market had expected a decline of this index by only 0.7 million barrels.
In addition, the Central Bank, as promised earlier, still does not buy currency for the needs of the Ministry of Finance on the domestic market, which also supports the ruble.
It can be expected that in the short term, until clarification of the situation with economic sanctions in early September, the ruble will continue to weaken moderately, although the decline will not be so significant. We can predict that in the nearest future the ruble would cost about 68,-68,2 of the ruble against the dollar and 79.5-79.7 ruble against the Euro.
Ivan Marchena,
GK Forex Club