Against the background of attempts oil to stay around $ 50 per barrel, the dollar dropped to 61,34 ruble, Euro – ruble to 69,79.
MOSCOW, 16 Oct. Dmitry Mayorov. The ruble against the dollar and Euro in the evening was stabilized near the previous close on the background of attempts oil to stay around the psychologically important level of 50 dollars per barrel of Brent.
High demand for rubles in the credit market supported the currency of the Russian Federation.
The dollar calculations “tomorrow” to 20.03 Moscow time has decreased on 0,06 ruble — to 61,34 of the rouble, the Euro rate of 0.03 ruble — to 69,79 ruble, follows from the data of the Moscow exchange.
The ruble during the session on Friday ranged multidirectional near the levels of the previous close, despite the uncertain dynamics of the oil market, trying to cling to the key level of 50 dollars per barrel.
On Thursday, oil prices have moved to lower on the data about growth of commercial stocks of oil in the United States (excluding strategic reserves) for the week ended October 9, 7.6 million barrels, to 468,6 million barrels.
However, oil prices are supporting the news that Russia is ready to discuss the situation of the glut in the world market. Energy Minister Alexander Novak has previously stated that the country is ready to participate in consultations with the countries-members of OPEC about the situation on the market. The Minister also expressed willingness to discuss the situation with countries outside the cartel.
Representatives of the Ministry of energy of the Russian Federation on October 21, will participate in the expert meeting of OPEC. Russia at the meeting, may discuss and reduce its own oil production, estimated by the experts.
The determining factor that allows the ruble to look better than the market and remain overbought relative to crude oil, is the interest of foreign investors to rouble-denominated assets on expectations of policy easing by the Central Bank (the OFZ yield update 11-month low), say in ROSBANK.
In recent days, the price of a barrel of Brent came close to the key level of 3 thousand rubles per barrel from an average price of 3.1-3.2 thousand in the previous weeks.
In the end, dollar and Euro in the evening little change to the levels of closing of Thursday.
Forecasts and recommendations
A barrel of Brent in rubles is worth less than 3,000 rubles, the lowest value for the last time, and about 10% below the level that can be considered the equilibrium for the Russian budget and oil companies, said Georgy Vashchenko from IR “freedom Finance”.
“This situation will not last long, and the level of 59-60 per us dollar when the price of oil at around 50 dollars per barrel will be strong support for the U.S. currency. The benchmark for the week: the 60-63 range for USD-USD”, he added.
For those who have decided to hold funds in dollars, is there a good time for a stepwise formation of long positions on the currency, says Sergey Danilov from the Bank “BCS Prime”.
The rouble now looks a bit overbought relative to the current level of prices for “black gold,” he added.