The ruble on the fourth day of growth hit a new high against the dollar since the end of July

The ruble on the fourth day of growth hit a new high against the dollar since the end of July


According to the Moscow exchange, the dollar calculations “tomorrow” dropped to 61,98 of the ruble, the Euro – to 69,96 ruble on the background of oil prices in the region of 53 dollars per barrel of Brent.

MOSCOW, 8 Oct. Dmitry Mayorov. The ruble on Thursday continued to advance steadily against the dollar and the Euro for the fourth consecutive day as a result of the increase in oil prices in the region of 53 dollars per barrel of Brent.

The dollar has updated a minimum since the end of July, the Euro is trading near the lows since mid-August.

The dollar calculations “tomorrow” to 19.53 GMT decreased by 0.68 ruble — to 61,98 of the rouble, the Euro rate by 0.50 ruble to 69,96 ruble, follows from the data of the Moscow exchange.

The fourth day of growth

The ruble during the trading session Thursday mostly increased on the background of rising oil prices.

A depreciation of the dollar on the Forex supported oil quotations. The market is awaiting the publication of minutes from a recent meeting of the Federal reserve system of the USA to get hints about the prospects of a rate hike after a weak September employment statistics, published last week.

The output value of Brent in the area is 53 dollars at the current exchange rate of the ruble meets ruble price of Brent at around 3.3 thousand rubles, which is slightly higher than the previous weeks (3,2 thousand). This shows that the growth rate of the ruble behind oil.

Nevertheless the dollar on Thursday, hit new low since late July, falling to 61,812 ruble. The Euro remained near the lowest levels since August 11 (69,761 ruble).

Forecasts and recommendations

Quotes of the ruble and the dollar returned to its direct dependence on the movement of oil prices, says development Director of the company “invest-Profit” Alexander Petkov.

“If we consider long-term changes of the exchange rate, it may be argued that investors start looking at the market more positively, and by the end of the year we will be able to see the course of about 60 rubles per dollar”, — he added.

While the rapid strengthening of the ruble is connected with the emergency closing of short positions on it (after the mercy of unrealistic expectations on the decline), said analysts at ROSBANK.

“Therefore, any negative signal will cause investors to take pause and assess the situation with a more fundamental positions. In particular, the ruble continues to rapidly respond to changes in the price of oil (especially in moments of major raw statistics), partly indicates the fragility of the market and readiness to the correction after rapid growth of the ruble,” — noted in the Bank.