The ruble strengthened growth on stable oil and verbal interventions

The ruble strengthened growth on stable oil and verbal interventions


Due to the confident market dynamics of oil and the verbal intervention of the Finance Minister, the dollar calculations “tomorrow” to 18.22 GMT 65,97 was reduced to ruble and Euro to ruble 69,75.

MOSCOW, 30 Nov. Dmitry Mayorov. The ruble against the dollar and Euro in the evening increased due to the confident dynamics of the oil market, verbal interventions of the Ministry of Finance also supported the Russian currency.

The dollar calculations “tomorrow” to 18.22 GMT was down by 0.51 rubles — up to 65,97 of the rouble, the Euro rate — on 0,66 ruble — to 69,75 ruble, follows from the data of the Moscow exchange.

The ruble demonstrates confidence

The ruble against the dollar and the Euro during the session on Monday ranged mostly in the black. The major factor of the dynamics remained the fluctuations of the oil market.

The morning oil showed a decline that pushed the ruble down. On this background the dollar has come nearer practically to the mark of 67 rubles, which he left on 15 September and did not rise above.

However, in the second half of the session, the oil has gone up and a breakout above $ 45 per barrel of Brent. It helped the rouble to strengthen against the major reserve currencies. The dollar and the Euro were struck down key levels 66 and 70 rubles.

On Friday in Vienna will take place 168 ordinary meeting of OPEC. Despite the fact that many analysts question the decision to cut production at the upcoming meeting, they noted the willingness of Saudi Arabia to the maintenance of world prices together with other oil producers.

Verbal intervention is also supportive of the ruble exchange rate. Finance Minister Anton Siluanov said he did not expect the collapse of the ruble, either before the end of this year or next year. It is valuable that the statements of the representatives of the Ministry of Finance does not often provide the support the ruble, dealers said.

In the end, the evening courses of the dollar and the Euro teetered around key levels 66 and 70 rubles respectively.

The price of Brent crude oil continued to test the psychologically important mark of 3 thousand rubles after attempts to settle above it, taken last week.

Forecasts and recommendations

Despite the fact that the tax period on the internal market is completed, the demand for ruble liquidity may remain fairly high, as the Bank of Russia, probably, will reduce the limit of ruble liquidity at the REPO auction, evaluates Yuri Kravchenko from IK “Veles Capital”.

“In these conditions the dollar will not be easy to gain a foothold above 66 rubles, but in General the fluctuations of the currency pair will depend on the price movements of oil,” he added.

Hardly observed in the evening on Monday the strengthening of the ruble will be extended, said Dmitry Gurkovsky from RoboForex. Oil movement in the early weeks are short-term, and markets will not be particularly risking in anticipation of the events from Wednesday-Friday this week, he said.

“On Tuesday the dollar will potorguemsya in the range 65,90-66,65 ruble, the Euro will not go beyond the corridor 69,40-70,35 ruble. All the major movements of the foreign exchange market are expected towards the end of the day, then formed a medium-term trend,” added Gurkovsky.