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The ruble is moderately growing against the dollar and the euro on Friday

The ruble is moderately growing against the dollar and the euro on Friday

The ruble is moderately growing against the dollar and the euro on Friday
July 08
10:30 2016

The US dollar has slightly fallen against the ruble. The euro is stable at the opening of the trading session at the Moscow stock exchange on Friday. The ruble has moderately strengthened against the currency basket, compensating the positive correction in oil prices after the previous sharp drop.

The first transactions on the US dollar were within 64,45-64,61 rubles at the Moscow stock exchange. According to the results of the first minute of the trading session the exchange rate was equal to 64.475 rubles that is 9 kopecks below the previous closing mark. The euro exchange rate amounted to 71.40 rubles that is 0,5 kopecks above the previous closing mark; the currency basket was worth 67.59 rubles (-4.7 kopecks).

Herewith, at the same time the dollar was by 42.5 kopecks above the current official exchange rate, the euro – by 45.18 kopecks above the official rate.

According to the specialists of “Interfax-CEA”, the weak ruble strengthening at the start of Friday’s trading is associated with the incipient rebound of oil prices at the beginning of the day after their earlier sharp fall. On Friday morning oil contracts are slightly growing up after the fall by almost 5 % on Thursday on the background of the information of the weaker than expected reduction of fuel stocks in the USA. At the London Stock Exchange the price of the September futures contract for Brent crude oil has been $ 46.72 per barrel to the beginning of the day. This is 0.7% higher than in the previous session. The cost of futures contracts for WTI crude oil for August has risen by 0.53% – to $ 45.38 per barrel during trading at the New York Mercantile Exchange.
According to the preliminary estimate of the Central Bank of the Russian Federation, which was published on the regulator’s site, the real effective rate of the ruble against the currency basket of states – major trade partners of Russia increased by 1.2% in June compared to May.

In January-June this year the real effective ruble exchange rate grew by 7.5%.
The market prospects remain, as before, uncertain due to the conflicting data about the supply and demand and increased risks for the global economy. Mainly, these risks are connected with the UK decision to leave the EU. On Friday market participants considered the negative reaction on the US stocks data to be excessive as the reaction caused the fall in prices to two-month lows. The reduction of reserves has been going on much longer than a month, the extraction of raw materials in the United States has also declined by 12% compared with the peak level.
According to the Ministry of Energy, the US crude oil stocks has fallen by 2.2 million barrels for the week that ended on 1 July. The report was negatively perceived by the market, because the information of the American Petroleum Institute assumed more sudden fall in oil stocks. Analysts that were surveyed by The Wall Street Journal, in general, expressed expectations for the decline of oil reserves in the country by 2.3 million barrels for the last week.

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