Dollar 15.11 Moscow time has decreased on 0,36 ruble – to 64,24 of the rouble, the Euro rate – by 0.12 ruble – to 69,28 ruble. Brent crude oil held above $ 47.5 per dollar and has already secured more than 48 dollars.
MOSCOW, 9 Nov. Dmitry Mayorov. The ruble on Monday, fluctuated around previous closing levels, with a tendency to growth, reacting to the strong dynamics of the oil market.
The dollar and the Euro failed to exceed round the mark of 65 rubles and 70 rubles respectively, failed to reach them a few cents.
The dollar calculations “tomorrow” to 15.11 Moscow time has decreased on 0,36 ruble — to 64,24 of the rouble, the Euro rate — by 0.12 ruble — to 69,28 ruble, follows from the data of the Moscow exchange.
The ruble against the dollar and the Euro during the trading session of Monday has fluctuated without any single dynamics near the levels of the previous closing. The morning growth to the ruble of the two major reserve currencies has been reversed back down amid the inability of the dollar and the Euro to gain a foothold on round levels 65 and 70 rubles respectively. For the dollar this high since the end of October and for the Euro — week.
However, Brent crude oil held above $ 47.5 per dollar and has already secured more than 48 dollars, while stock markets are rising, which supports the ruble.
Support to the oil, in turn, has provided a statement of the Secretary-General of OPEC Abdullah Salem al-Badri, in 2016, the oil market will become more balanced, as the demand for “black gold” will continue to grow.
According to a report by the International energy Agency (IEA), which was published in October, growth in world oil demand in 2015 will accelerate to five-year high of 1.8 million barrels per day.
In addition, investors are awaiting another OPEC meeting to be held on 4 December. The cartel plans to discuss policies in the field of mining.
In the end, after the decline of the ruble in the end of last week marked a careful effort upwards.
Forecasts and recommendations
External background for the pair USD/RUB remains controversial that so far does not imply strong exchange rate movements, says expert “BCS Express” Ivan Kopeikin.
Therefore, in the near future is likely consolidation of the pair dollar-ruble in the range of 63-65,5, he added.
Increase the chances of monetary policy tightening in the US may temporarily raise the pressure on commodity prices, and thus worsen the position of the ruble against the currencies of emerging markets, estimate analysts at ROSBANK.
“The volatility for a while (until the beginning of the tax period) will lead EUR/USD above $ 65, then the situation will be influenced by technical factors. The weakening of incentives to additional monetary policy easing by the ECB could return EUR/USD above levels 71 and even 72,” says ROSBANK.