22 Dec 2014
USD/RUB continues descent on Russian Forex Interventions
FXStreet (Mumbai) - The Russian ruble extended gains from the previous session and traded higher against the US dollar, recovering from all time low of 80 levels reached in the last week. Finance Minister's confirmed forex stabilization measures.
Currently, USD/RUB hit fresh day’s low of 57.385 levels, losing -2.54% on the day. The ruble gained ground from the freefall against the US dollar after Russia’s Finance Minister's confirmed forex stabilization measures. The Russian ruble continues trade firmer back by the Central Bank’s effort to contain the Russian currency depreciation. Still, the trading may continue to remain extremely volatile, with the ruble swinging massively in both directions as the central bank refrained from direct interventions, trying to protect the USD 400 billion pool of foreign exchange reserves.
Moreover, a rebound in oil prices is also likely to provide some support to the ruble.
USD/RUB Technical Levels
To the upside, the next resistance is located at 62.99 (Dec 19 High) and above which it could extend gains to 63.87 (Dec 18 High) levels. To the downside, immediate support might be located at 56.37 (Dec 12 Low) and below that at 55 levels.
Currently, USD/RUB hit fresh day’s low of 57.385 levels, losing -2.54% on the day. The ruble gained ground from the freefall against the US dollar after Russia’s Finance Minister's confirmed forex stabilization measures. The Russian ruble continues trade firmer back by the Central Bank’s effort to contain the Russian currency depreciation. Still, the trading may continue to remain extremely volatile, with the ruble swinging massively in both directions as the central bank refrained from direct interventions, trying to protect the USD 400 billion pool of foreign exchange reserves.
Moreover, a rebound in oil prices is also likely to provide some support to the ruble.
USD/RUB Technical Levels
To the upside, the next resistance is located at 62.99 (Dec 19 High) and above which it could extend gains to 63.87 (Dec 18 High) levels. To the downside, immediate support might be located at 56.37 (Dec 12 Low) and below that at 55 levels.