The ruble fell against the dollar and the Euro as demand for the currency before the new year

The ruble fell against the dollar and the Euro as demand for the currency before the new year


Moscow. 30 Dec. The U.S. dollar and the Euro steadily growing against the ruble at the auction “Moscow exchange” on Friday evening amid increased demand for foreign currency before the Christmas holidays.

The U.S. dollar amounted to 61,05 rbl./$1 at 19:00, 65 kopecks above the closing level of the previous trading session. While the Euro was worth 64,38 rubles/EUR1, rising to 1,175 rubles. The cost of the currency basket ($0.55 and EUR0,45) rose by 88.6 penny, to 62.55 ruble.

According to experts, the depreciation of the ruble against the dollar and Euro on 30 December due to the desire of some market participants to take profits on the ruble and to shift into the currency before the new year and Christmas holidays, despite consistently high international crude oil prices. In addition, the demand for currency could trigger new US sanctions against Russia, announced yesterday. On Thursday, the US imposed new restrictive measures against Moscow for allegedly carried out during the elections of the President of the United States of cyber attacks.

In turn, oil prices reference marks in the course of trading on Friday, the weak fall on the background of extremely low trading activity. Quotations of March futures for Brent crude on the London ICE Futures exchange to 19:00 has decreased on 0,47% – to $56,58 a barrel. Futures for WTI crude oil for February in electronic trading on the new York Mercantile exchange (NYMEX) has decreased on 0,35% – to $53,58 per barrel. According to the U.S. Department of energy, published on Thursday, oil reserves in the country last week increased by 614 thousand barrels. The rate of increase in stocks was the weakest since January, but the increase came as a surprise to the market. Experts interviewed by The Wall Street Journal, the average predicted reduction in stockpiles of 1.4 million barrels.

Since the beginning of this year Brent has risen in price for 52%, WTI – by 45%. This is the first increase in prices over the last three years and a record since 2009. All experts agree in opinion that the attention of the market in 2017 will be focused on signals about how clearly the largest oil-producing countries are implementing previously reached agreements on production cuts.

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