USD/RUB climbs to highs near 65.70

USD/RUB remains unable to gather further steam today, meandering in a narrow range in the mid-65.00s.

USD/RUB ignores oil gains

The pair is posting moderate gains in spite of a broad-based selling sentiment around the US dollar and fresh multi-month highs in the barrel of the Brent crude, trading above the critical $50.00 mark.

Spot is thus reverting part of the weekly downside, snapping a 2-day negative strike and finding decent support in the 65.00 neighbourhood.

Data wise in the Russian docket, the FX reserves held by the central bank (CBR) dropped to $388.3 billion from $390.3 billion.

USD/RUB levels to watch

At the moment the pair is advancing 0.30% at 65.68 facing the next hurdle at 67.13 (55-day sma) ahead of 67.30 (high May 19) and finally 68.97 (200-day sma). On the flip side, a breakdown of 65.04 (low May 26) would open the door to 64.00 (2016 low Apr.29) and then 62.04 (monthly low Nov.4 2015).