The ruble rising against the dollar for a third consecutive day

© RIA Novosti / Ilya Petliurite in photobacteria bills. Archival photoThe ruble rising against the dollar for a third consecutive day© RIA Novosti / Ilya Petliurite the image Bank

The ruble on Thursday rises in price against the dollar for a third consecutive day, the Euro also reduced.

The attempts of the oil market to reach the level of 57 dollars per barrel of Brent crude continued support for the currency of the Russian Federation, the traders said.

The dollar calculations «tomorrow» at 14.20 MSK decreased by 17 cents, to 57.67 ruble, Euro — by 19 kopecks, to 68,38 of the ruble.

The ruble is the third day of growth

The ruble rose for a third day against the dollar and the same rate increased on Thursday against the Euro, reflecting high oil prices.

The price of Brent crude oil reaches to the level of 57 dollars per barrel amid reports of production cuts. Countries outside OPEC, in September, has fulfilled its obligations under the agreement to cut production by 125% after a 126% in August, decreasing by October 2016 685 thousand barrels per day, considered at the International energy Agency (IEA).

Some support for the ruble had, and evaluation of the Central Bank of the Russian Federation that inflation by the end of 2017 will be at the level of 3.2%, as stated by the head of the regulator Elvira Nabiullina. While inflation in annual terms has now dropped slightly below 3%, but this is absolutely normal, this is not a deviation from the target, said the head of the financial regulator.

Thus, the factor of carry trade in favor of the ruble will maintain its strength against the background of moderately tight monetary policy (DCT) of the Central Bank, experts say.

On the eve of the Ministry of Finance of the Russian Federation at the auction was fully placed bonds (OFZ) two series of 30 billion rubles in aggregate demand in 116,446 billion.

As a result, the dollar and the Euro the day the ruble was down 0.3% each. The ruble price of «black gold» is about the level of 3.25 thousand rubles per barrel.

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Forecasts

The softening of rhetoric of the fed in the minutes of September meeting on monetary DCT has increased pressure on the U.S. currency and had the opposite effect on emerging market currencies, says Eugene Koshelev of ROSBANK.

«Oil has also recovered from previous losses, therefore, the Russian currency has all the preconditions for strengthening in the area of 57.5 against the us dollar, to 68.3 for the Euro,» he said.

The dollar today is trading in the range of 57.6 — 57.9 ruble, the estimated range for the Euro — 68,3 — 68,9 appreciated Alexander Egorov Ledger «Teletrade».

«Given current international forex market trends the dollar on the local market will tend to the lower limit of the estimated range, the Euro, respectively, to the top», he added.

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