Moscow. January 22. The ruble strengthened strengthen against the dollar and Euro in the evening hours of Friday on the “Moscow exchange” in response to the substantial rise in world oil prices and improved sentiment on global capital markets.
The US dollar was worth to 78.3 rubles/$1 at 18:50 Moscow time, the UTS is by 4.33 RUB below the closing level of the previous trading session. The Euro by this time amounted 84,85 rubles/EUR1, down on 5,15 RUB currency basket ($0.55 and EUR0,45) fell by 4.7 RUB, RUB to 81,25
Thus, the ruble managed to win back most of the losses of the first days of this week: to the specified point the dollar compared to the previous close tick Friday added about 70 kopecks, Euro – only 17 kopecks Yesterday around noon the dollar was worth more than 7.5 more expensive ruble, Euro – by about 8.5 rubles more, than on Friday evening.
The ruble rose sharply against the dollar and the Euro at the opening of trading on Friday, supported by growing upward correction of oil, and increased strengthening in the course of the day. Oil increased the growth on Friday, correcting after the recent collapse in prices and demonstrating the most vigorous rally since August. The price of the March contract for Brent crude on London’s ICE Futures exchange to 18:30 GMT jumped 8% to $31,58 per barrel. Over the week Brent rose by 9.1%. Analysts warn that the rebound in the oil market after a sharp fall in prices likely will be short-term in nature.
As stated by the head of the Central Bank Elvira Nabiullina spoke at the expanded Board of the Ministry of Finance on Friday, the Bank of Russia is closely monitoring the situation on the currency market, and the regulator has all the tools to be proactive and prevent a threat to financial stability. The CB Chairman noted that the reason for the volatility in global and Russian markets are investors ‘ concerns about the situation in China, the volatility in oil prices, the Russian economy, the situation on the oil market is a major factor. The growth of the share of oil exports in total Russian merchandise exports has fallen from 67% in December 2013 to 48% in December 2015, she said.