Ruble in the evening compensated for half the drop Tuesday with the help of oil

Ruble in the evening compensated for half the drop Tuesday with the help of oil


According to the Moscow exchange, the dollar dropped to 63,65 of the ruble, the Euro – to 70,41 of the ruble amid the rebound of the oil market up. Some support for the ruble and had successful placement by the Finance Ministry OFZ offered all of 20 billion rubles.

MOSCOW, 28 Oct. Dmitry Mayorov. Courses of the ruble against the dollar and the Euro Wednesday evening compensated for about half of the fall on Tuesday amid a rebound of the oil market up about 5%.

High demand for OFZ auctions of the Ministry of Finance supported the ruble on Wednesday.

The dollar calculations “tomorrow” to 19.54 MSK decreased by 1.25 ruble — to 63,65 of the rouble, the Euro rate was 1.22 ruble — to 70,41 ruble, follows from the data of the Moscow exchange.

The rouble recovered lost half

Courses of the ruble against the dollar and the Euro during the session on Wednesday was trading mostly in positive territory. The first hour of trading was marked by the growth of major reserve currencies against the ruble.

The growth took place by inertia after yesterday’s nearly 2-rouble rise in price — up to new local highs (in early October).

But then oil prices tried to push up from the local bottom at first and was back up to 47 dollars per barrel of Brent.

After some stabilization at this level “black gold” sharply rose in price by around 17.00 GMT. This partly contributed to weekly data on the dynamics of fuel reserves in the United States.

According to the energy information administration of the U.S. Department of energy, commercial oil reserves in the country (excluding strategic reserves) for the week ended October 23, increased by 3.4 million barrels, or 0.7%, to 480 million barrels. Analysts had expected the index will rise to 3,417 million barrels — up to 480,017 million barrels.

While oil production in the U.S. last week, according to the Ministry, declined by 0.17% or by 16 thousand barrels per day — up to 9,112 million barrels. The oil reserves in the country’s largest terminal Cushing (Cushing), which provides the NYMEX decreased by 0.8 million barrels — to 53.3 million.

In the end, the price of a barrel of Brent jumped above $ 49, helping the ruble in the evening to return about half of the fall Tuesday. The dollar and the Euro on Wednesday evening became cheaper more than on 1 rouble.

Some support for the ruble and had successful placement by the Finance Ministry OFZ all offered 20 billion rubles in the demand of 60.7 billion.

Forecasts and recommendations

Wednesday night and Thursday in the currency market is likely to regain the results of the fed meeting, says Yuri Kravchenko from IK “Veles Capital”.

“The ruble it is hoped that investors will receive new signals that the fed rate hike postponed indefinitely, and in this case, the pair dollar/ruble may return in the range of 62-63”, he added.

Since mid-October, the Russian currency was in the lead among emerging market currencies to strengthen due to the actions of exporters and increase the demand for OFZs in anticipation of easing of interest rate policy of the CBR, said Vladimir yevstifeev of Bank Zenit. However, substantially disconnected from oil prices dynamics and failed, he added.

“The potential weakening of the ruble remains. Upon stabilization of the price of a barrel of oil in the range of 46-47 dollars ruble may lose about 5% if investors do not receive positive news. At the same time, the weakening of the ruble this week may force the Central Bank to refrain from easing monetary policy that partially support the Russian currency,” said Evstifeev.