Why the ruble suddenly began to grow

The dollar declines on Tuesday on 12 cents to 58,63 of the ruble. Although most analysts expect the opposite of the dynamics on the background of a number of unfavourable for the Russian currency factors.

Analysts find it difficult to name the reason of such unexpected behavior of the ruble. However, in favor of the ruble can play the current prevalence of sellers of currency — it can be as exporters selling revenue sold in November oil at a maximum in summer 2015 prices and foreign investors looking for tomorrow’s OFZ auctions, the penultimate before the CBR meeting on 15 December where the market is waiting for the lowering of the key rate.

Earlier it was reported that the Ministry of Finance of the Russian Federation will increase daily currency purchases on the market in December to 12.7 billion rubles ($217 million at current exchange rates) from 5.8 billion last month, said the Agency. Only to purchase foreign currency from 7 to 28 December 2017 the Ministry of Finance will direct 203,9 billion compared to the 122,8 billion in November, a record amount since the start of the intervention of the Ministry of Finance in February 2017. However, the ruble has proved resilient to this news.

At the same time, Brent cheaper by a quarter percent since the beginning of the day, and the barrel is estimated 62.28 more or less stabilized after the fall yesterday because of expectations of a drop in weekly inventory of raw materials in the U.S., and also hopes to equalize the balance of global supply and demand due to the 9-month renewal of the Covenant OPEC+ support the market. Despite the drop since the beginning of the week, oil prices remain near a year and a half highs.

Why the ruble suddenly began to grow 05.12.2017

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