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The two-week minimum of the ruble has been updated despite the remaining taxes

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The two-week minimum of the ruble has been updated despite the remaining taxes

The two-week minimum of the ruble has been updated despite the remaining taxes
July 22
10:30 2016

The ruble is falling in price at the beginning of the trade on Friday. The two-week minimum rate of the ruble has been updated against the dollar because of the current low price of oil. One more reason for updating is the discontent of the significant strengthening of the Russian currency in summer, which was earlier expressed by the executive power of the Russian Federation.

At the same time, the cash flow for the payment of the major taxes and dividends is still a support as before. However, exporters could prudently sell significant amounts of the revenue in advance, accumulating the ruble liquidity. The US dollar has been established at around 64.70 for the first time since 7 July. By the beginning of the day the currency pair dollar / ruble, with calculations for “tomorrow”, was being traded within 64.71on the Moscow stock exchange. It was 0.5 percent above the closing of the trading session on Thursday, by results of which the dollar grew in value by 1 % against the ruble.

By that time the euro, with calculations for “tomorrow”, had been fixed at the mark of 71.30 rubles. It was 0.4 percent above the closing session yesterday. At the end of the week the officials in the Kremlin had been carrying out the verbal intervention during three days in a row. The discussion was directed against the ruble strengthening. They required actions from the Central Bank of the Russian Federation and the Government.

At the same time oil was at a two-month minimum. This has forced the market to reconsider its short currency positioning, because of which the ruble reached the highs of 2016 in the middle of this month. At the beginning of the day Brent crude oil cost $ 45.96 per barrel. It was 0.5 percent lower than Thursday’s closing indicators. By results of that closing the brand has lost more than two percent.

Russia’s new tax period started last Friday. Its peak is expected on the nearest Monday, when the payment of VAT, excise taxes and MET will be completed. The analysts estimate the MAT at 240-310 billion rubles. The fiscal period will finish with the income tax payment on July 28. At financial markets the EUR / USD pair is being traded around the level of $ 1.1020, showing minimal changes from the beginning of the day.

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