What will happen to the ruble in November?

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The ruble reduced to a basket of currencies on Wednesday afternoon. The behavior of the Russian currency in recent times is quite unusual in periods of sharp decline in oil prices “Russian” remains unmoved, while Bouncing up and retreats. It is at least unusual. The US dollar to date is 65,79 RUB (+0,4%), the Euro rises by 0.25% and is trading at 74,57 RUB.
Courses of the Bank of Russia for tomorrow, November 1, and are lowered 65,59 RUB per U.S. dollar (-18 cents) and RUB over the 74,41 € (-38 cents).
Oil today edged up cheerfully. A barrel of Brent to the present time worth $76,74 and rises by 1%. In the quotations already incorporated the latest data from the American petroleum Institute that showed an increase in stocks of raw materials by 5.69 million barrels simultaneously and a visible reduction of stocks of gasoline and distillates. Tonight, US Department of energy will release official data on stocks. If they confirm a sixth consecutive week of increase in the level of stocks and the bears in the oil can quickly return to position.
For October the dollar rose in tandem with the ruble by 0.5%, the Euro dropped against the Russian currency by 2%. At the same time, ruble pair will remain within their medium-term ranges. November can make a difference in the alignment of forces in the foreign exchange segment, but you need to wait for the facts.
USD will close the day within 65,65-66,10, the Euro finishes in the range 74,50-74,85 RUB.
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Anna Bodrova,
Senior analyst,
Alpari