USD/RUB wobbling around 64.00, focus on oil

The Russian ruble is trading on a firmer fashion vs. the greenback at the end of the week, taking USD/RUB to the 64.00 neighbourhood.

USD/RUB down from 64.80

The pair is eroding yesterday’s advance to peaks in the 64.80 region, following a renewed selling pressure around the greenback and a recovery in crude oil prices, with the barrel of Brent crude currently approaching the $47.00 mark.

Spot is so far netting a positive weekly close although it remains in the lower bound of the range around levels last traded in November 2015 and with the exclusive driver being crude oil dynamics.

Data wise in Russia, inflation figures have come in higher than expected for the month of June (Tuesday), while CBR’s reserves stayed pretty much unchanged at almost $394 billion during last week.

USD/RUB levels to watch

At the moment the pair is retreating 0.87% at 64.01 facing the next support at 63.42 (2016 low Jun.9) followed by 62.04 (monthly low Nov.2015) and then 60.70 (monthly low Oct.2015). On the other hand, a surpass of 65.30 (55-day sma) would expose 66.29 (high Jun.14) and finally 67.67 (high Jun.2).