In the evening the ruble was trading around one-week lows due to weak oil

In the evening the ruble was trading around one-week lows due to weak oil


The oil market weakened amid data on the growth of commercial oil reserves in USA, which in turn had an impact on world currencies. The dollar calculations “tomorrow” to 20.16 MSK increased by 0.85 ruble — to 62,97 of the rouble, the Euro rate by 0.96 ruble — to 71,45 ruble.

MOSCOW, 21 Oct. The ruble against the dollar and Euro in the evening decreased the area week lows amid weak dynamics of the oil market, dropping in the area is 48 dollars per barrel of Brent.

Nevertheless, the ruble amid falling oil to a three-week low looks pretty confident, say dealers.

The dollar calculations “tomorrow” to 20.16 MSK increased by 0.85 ruble — to 62,97 of the rouble, the Euro rate by 0.96 ruble — to 71,45 ruble, follows from the data of the Moscow exchange.

The ruble on the weekly lows

The ruble during the session on Wednesday traded in palpable minus. The main reason for the depreciation of the Russian currency against the dollar and Euro by about 1 ruble was the weakness of the oil market, dropping to a nearly three-week low below $ 47 per barrel of Brent.

Pressure on the market of “black gold” provided data API (American petroleum Institute) about the growth of commercial stocks in the country last week by 7.1 million barrels — up to 473 million barrels, the forecast increase is only 3.9 million barrels.

The U.S. Department of energy later Wednesday said that crude inventories in the country (excluding strategic reserves) for the week ending October 16, up by 8 million barrels, or 1.7%, to 476,6 million barrels. Analysts had expected the index to increase by only 3,867 million barrels — up to 472,467 million barrels.

However, the fact that the ruble fell only to one-week lows, and the oil — for nearly three weeks, suggests that the ruble in the last days to feel quite confident. As a result, the price of a barrel of Brent fell from 3.1 to 3.2 thousand to about 3 thousand current, also demonstrating the stability of the rouble against the oil.

However, in the evening courses of the dollar and the Euro has risen by about 1 ruble each to the area weekly highs.

Forecasts and recommendations

Excluding the oil factor, otherwise the situation for the ruble remains favorable, evaluates Sergey Kochergin of the company Exness.

The survey

Do you think at what level to stabilize the ruble against the dollar?

  • the dollar will grow
  • 50-60
  • 40-50
  • the dollar will return to pre-crisis levels
  • I don’t have the $ for all I care

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