The ruble slowed down in the evening, but paired with the dollar received support from US statistics

MOSCOW, Jan 18 (Reuters) – The ruble showed mostly positive changes in Wednesday’s trading, supported by CBR foreign exchange interventions and increased sales of export earnings today, however, by the close of trading, the activity of local currency sellers decreases and the ruble loses some of its advantage.

In the evening, the dynamics of forex intervened in the disposition of the key ruble cross-rates, where the dollar fell against all currencies, including the single European and Chinese, after the American statistics.

By 18.30 Moscow time, the exchange quotes of the dollar / ruble pair with “tomorrow” settlements were close to 68.78, and the ruble was gaining 0.53%.

The euro/ruble pair was at 74.52, and here the ruble is growing by 0.64%.

Paired with the yuan, the ruble is trying to stay in the green zone in the evening, quotes are close to the previous close, 10.19.

From last Friday until February 6, the Russian Central Bank has been selling foreign currency from reserves for rubles on the Moscow Exchange as part of the budget rule, and the yuan / ruble pair is used as an instrument with “tomorrow” settlements, for 3.2 billion rubles a day (almost $47 million in the equivalent ).

External support is the weakness of the US currency in anticipation of the rate of slowdown in the Fed’s rate hike, and the US statistics have strengthened such preferences of global markets.

Today, data came out that the producer price index in December fell following consumer inflation, and retail sales, together with industrial production, declined more than expected.

The slowdown in US prices, coupled with the cooling of consumer demand, supports speculation regarding the change in the Fed’s mood to less “hawkish” – in this case, the markets will expect from the regulator a narrower step in raising interest rates on the dollar.

The US currency, in response to the statistics, reached the worst value since April last year against the euro, $1.0887, the current dollar loss is 0.7%.

The risk for the ruble and ruble assets remains the price ceiling for Russian oil set by the West and the upcoming restrictions on oil products from the Russian Federation, as well as the significant current Urals discount to base grades, which implies a weakening inflow of foreign exchange earnings to the Russian Federation.

Spot quotes for the Russian Urals reference oil blend for delivery to the northwestern regions of Europe are now at $53.71 per barrel , while North Sea Brent futures for the first time in six weeks are quoted above $87 per barrel. (Moscow Bureau)


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