Exchange rate of the dollar for the first time since the beginning of January fell below 74 rubles.

Trading currency on the Moscow exchange was opened by the strengthening of the ruble, in a few minutes the value of the dollar and the Euro fell more than 1.5%. Exchange rate of the dollar for the first time since 6 January 2016 fell below 74 rubles, having fallen to the minimum mark 73,818 rubles, which is 1,384 RUB below the closing level yesterday.

At the same time, the single currency has lost 1,56 rbl. and fell to 80,28 rubles, the lowest level since January 6, 2016.

The chief of analytical Department IK “Zerich capital Management” Nikolay Podlevskikh notes that the Euro in the last couple of weeks the ruble lost more than 10%, and the main engine of growth of the ruble exchange rate began rising oil prices.

“More optimism in the markets contributes to the decision of the people’s Bank of China, which since March 1 has reduced from 17.5% to 17% standards reserve requirements for banks. The expected stimulation of the economy, as usual, primarily stimulates markets. As a result at the start of March the tendency to grow up the price of oil is saved. And in terms of extension of the oil price the Russian rouble feels confidently even against the strengthening dollar,” notes podlevskih.

During today’s trading on the stock exchange ICE cost of a barrel of Brent crude oil for the first time since 5 January 2016 rose above $37. On the maximum cost of a barrel of Brent reached the level of $37,06 that by 1.34% above the closing level of the previous trading session.

By 10.30 Moscow time the price of a barrel of Brent was $36,96, the dollar on the Moscow exchange reached RUB 73,83, the Euro — 80,336 RUB.

“Further dynamics of trades will depend on oil, because it also has the potential to test new highs and resistance levels that will in the short term to support the ruble. Expected trading range for Tuesday – 73,8–75,3”, – says chief specialist of the division for operations in the money market of Treasury of Bank Vozrozhdenie Mikhail Berulava.