For the week to 15 March short positions on the ruble futures and options traded on the Chicago exchange fell right four times, up to 797 positions (from 3203 contracts) and the net long position (the difference between long and short) increased to 5782 — the most since February 2013. This is evidenced by the latest data of the Commission on futures trading in the U.S. (CFTC).
Hedge funds bet on the weakening of the ruble during the four weeks to 12th January (i.e., short positions was more than long). On 21 January, the dollar rate on the Moscow stock exchange reached a record 86 rbl. for dollars “within days”, after the price of Russian oil Urals has fallen below $25 per barrel.
Oil prices then surged by more than 50%. At the auction on March 18 at the London exchange the price of barrel North sea Brent has exceeded a mark in 42 dollars. Then there was a correction to $41,46 per barrel.
The ruble in the last two months has increased markedly against the dollar. At the close of trading on the Moscow exchange for the American currency gave 68,35 RUB the single European currency also fell over the past two months, reaching 77,14 RUB.