The ruble rose against the dollar at the start of trading on Monday


Moscow. October 26. The ruble rose against the dollar and stable against the Euro at the opening of trading on the Moscow exchange on Monday, with the rouble strengthening is promoted as a stable oil and tax period.

The first transactions in US dollar were held on the Moscow exchange in the range 62,12-62,34 rubles/$1, in the first minutes of trading, the rate was 62,23 rubles/$1, which is 15 kopecks below the previous close. The Euro when it was at the level 68,69 rubles/EUR1, stepping back for just 1 penny to the previous closing. The bi-currency basket fell by 9 cents, to $ 65,14 ruble.

However, the dollar was at 30,14 penny above the current official rate of Euro by about 10 cents higher than the official rate.

A slight increase of the ruble in early trading associated experts, on the one hand, with the stability in world oil markets, and with another – with the tax period.

Oil prices are virtually unchanged on Monday morning as investors weighed data on the reduction in the number of drilling rigs in the U.S. and stimulus measures, China’s Central Bank. December futures for Brent crude on London’s ICE Futures exchange at 10:03 GMT decreased by only 0.06% to $47,96 per barrel. By the close of market on Friday, the futures price has decreased on 0,19%, to $47,99 per barrel. Futures price for WTI crude oil for December in electronic trading on the new York Mercantile exchange (NYMEX) has increased by this time by 0.05% to $44,62 per barrel. According to the results of the previous session, the contract has fallen in price on 1,72%, to $44,6 per barrel. Last week Brent fell by 4.9%, WTI – by 5.6%.

On Friday, oilfield services company Baker Hughes reported that for the last week in the U.S. stopped working one oil drilling rig. For the previous three weeks, the number of drilling rigs decreased by 45 units. For the past two weeks the volume of oil reserves in the country jumped more than 15 million barrels.

Meanwhile, the people’s Bank of China (the Central Bank of the country) on Friday lowered interest rates on loans and deposits by 25 basis points to 4.35% and 1.5% respectively. Since November of last year, the cost of lending in China decreased for the sixth time. In addition, in order to maintain economic growth, the Chinese Central Bank eased reserve requirements and abolished the upper limit of interest rates on all Bank deposits.

China is the second largest consumer of fuel in the world after the USA.