The ruble withstood the falling price of oil

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Monday, December 24, at the end of the trading session on the Moscow exchange rate of the us dollar calculations “tomorrow” has decreased by 25 kopecks (-0,37%) to 68,58 Euro by 5 kopecks (-0,08%), to RUB 78,14
Earlier in the week the Russian currency has shown a slight recovery against foreign currencies. The ruble went on the offensive from the opening of trading on the background of Podrezova oil. But he has failed to advance much since before Christmas, the price of Brent crude fell by 5.75% to $50,43 per barrel. The dollar declined to 68.17 Euro – 77,71 to RUB.
Monday trading on the stock exchanges of the USA and the UK were in cropped mode. On Tuesday, the oil market and Forex are closed in connection with celebrating of Catholic Christmas. While all celebrate the occasion, the ruble may strengthen the dollar on the Moscow exchange and to reach 68 rubles per U.S. dollar on the background of sales of exporters currency earnings to pay taxes. In the coming days they will have to pay mineral extraction tax, VAT, excise and income tax totaling more than 1 trillion rubles.
Considering how dropped the price of oil and the strengthening of the ruble should expect a sharp rebound. Before the new year, the pressure on the ruble will increase, as many market participants will want to get to the cache. For the Euro/ruble comfortable zone for fluctuations within the boundaries 77,80 – 78,65 RUB.
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Vladislav Antonov,
Analyst
Alpari