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At the start of the trading the ruble has resisted to the oil pressure

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At the start of the trading the ruble has resisted to the oil pressure

At the start of the trading the ruble has resisted to the oil pressure
October 26
14:00 2016

On Wednesday the Russian currency has started the trading with the weak vibration. The cheapened oil continues to put pressure on the ruble, but it can be offset by the sale of the export earnings from income tax as well as with the current dollar decline in the financial markets.

To the beginning of the day the currency pair dollar/ruble calculations “tomorrow” has been in the area of 62.25 at the Moscow stock exchange. This is 1 kopeck higher than the latest stock quotes on Tuesday.

To the beginning of the day the single European currency calculations “tomorrow” was being traded at around 67.94 rubles. It has grown by 15 kopecks against the closing of the previous session.

On Friday the meeting of Board of Directors of the Central Bank will be held. It will be dedicated to the monetary policy. As a result of this meeting, experts who were interviewed by Reuters, unanimously expect the key rate preservation at the mark of 10.00 percent per year. It is still one of the highest values among commodity and developing currencies.

Brent crude oil is being currently traded at around the level of $ 50.29 per barrel.

”The oil quotes will likely continue to move in a narrow range of  $ 50-53 per barrel until the OPEC Summit on November 30. The concern regarding the OPEC inability to achieve the production limitation at the previously stated levels of 32,5-33,0 million barrels per day will prevent the growth to $ 55 per barrel in the near future “- said Anastasia Sosnova.

She believes that in this situation the dollar exchange rate will show the fluctuations in the range of 62,00-62,50 rubles.

At the financial markets the currency pair EUR / USD is being traded at around $ 1.0905, and the dollar is losing almost 0.2 percent.

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1 Comment

  1. Jordan
    Jordan October 26, 16:58

    I’d advice traders to be more careful making deals. The market is rather skeptical about the prospects of concluding the OPEC agreement to limit production. The ruble is trying to resist the pressure of falling oil prices. Let’s see what will happened next.

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