Exchange rate of the ruble rose after oil

By the evening of 29 February, the ruble strengthened against the background of rising oil prices, which rose by 2.5% to $36.4 per barrel. During the trading session, the dollar fell to 74,86 rubles, for the passed 18:20, the ruble has strengthened by about 0.8%. To 20.15, the dollar rose to RUB 75,21

According to the chief expert of the center for macroeconomic forecasting of Gazprombank Yegor Sucina, the strengthening of the ruble caused by the rise in oil prices. However, what influenced a slight increase of oil prices in the short term, it is difficult to say, referring to the significant market impact of speculative factors. While Susin believes that the rise in oil prices, observed Tuesday, is a short-term fluctuation rather than part of long-term trends in recovery of oil prices.

Fluctuations in the normal range, and do not go beyond 75 to 79 rubles per dollar, says chief economist BCS Vladimir Tikhomirov. “On Friday we saw oil was $37 per barrel, then dropped to $35 and now to $36,5. While in the markets there is no certainty that oil will continue to grow, otherwise the ruble has attracted investors,” says Tikhomirov.

According to the chief economist of the Eurasian development Bank Yaroslav Lisovolik, the rise in oil prices was caused by several factors. “First, a few faint fears for a slowing global economy and the Chinese economy. Secondly, in early March there will be a meeting of oil producers countries of OPEC, and here a possible coordination of action to support oil prices,” he says. So there is some hope for a reversal in oil prices, which will help the national currency to overcome the value of 75 rubles per dollar and stay at this level for quite a long time, says Lissovolik.