The ruble has been increasing steadily in the evening the Euro and the dollar less

The ruble has been increasing steadily in the evening the Euro and the dollar less


The reduction in the price of Brent below $ 48 a barrel has led to the strengthening of the ruble against the oil in the form of a fall in the cost of black gold to the level of 3 thousand rubles against 3.1-3.2 thousand in the previous weeks.

MOSCOW, 22 Oct. Dmitry Mayorov. The ruble against the dollar and the Euro steadily rose in the evening amid high ruble rates.

The reduction in the price of Brent below $ 48 a barrel has led to the strengthening of the ruble against the oil in the form of a fall in the cost of black gold to the level of 3 thousand rubles against 3.1-3.2 thousand in the previous weeks.

The dollar calculations “tomorrow” to 20.21 GMT decreased by 0.24 ruble — to 62,77 of the ruble, the Euro — 1.57 ruble — to 69,89 of the ruble, follows from the data of the Moscow exchange.

Correction of the ruble

The ruble during the session on Thursday traded in the confident plus amid increased demand for the Russian currency. So, MosPrime overnight rate remains above the key of the Central Bank (11%) by 0.5 percentage points.

This is due to the October tax period in Russia, and high interest of investors to rouble-denominated government bonds. In anticipation of the widely expected reduction in the key rate of the Central Bank (next meeting will be held October 30) market players are eager to gain high returns on ruble-denominated debt instruments that supports the demand for rubles, experts say.

Against this background, even the decline of the oil market night below 48 dollars per barrel failed to significantly pressure on the ruble. The dollar remained in negative territory, while the Euro depreciated by more than 1.5 rubles. This contributed to the decline of the European currency on the Forex market in the area of 1.11 against the dollar 1,1337 on the previous day’s close.

Such a sharp movement in the Forex was caused by the statements of the ECB President Mario Draghi after the decision of the regulator to leave the rate at a record low of 0.05% per annum.

He said that the regulator will need to revisit its monetary policy meeting in December. He recalled that the programme of asset purchases provides sufficient flexibility to adjust its size, composition and duration.

Forecasts and recommendations

On Friday banks will begin training, and on Monday we will complete calculations on large tax payments (met), said Yuri Kravchenko from IK “Veles Capital”.

“While rates of the interbank market remain well above the key rate of the Central Bank, although relatively stable. Under these conditions, the ruble can still count on the support of exporters, but only in the absence of negative news from external markets”, — he added.

Oil in rubles fell in the moment to the level of 3000, therefore the simultaneous buying of the dollar-ruble and oil for the purpose of growth to 3,300 rubles, it seems almost a win-win option, appreciated Alexey Mikheyev from the Bank “VTB 24”.