USD/RUB retreats from highs, back around 80.00

By FXStreet FXStreet (Edinburgh) – The Russian ruble is picking up pace vs. the greenback today, now pushing USD/RUB to the 80.30 area.

USD/RUB weaker on oil recovery

Crude oil prices remain the almost exclusive driver in the RUB’s price action. Today’s recovery of the barrel of Brent crude – currently trading in session highs near the $31.00 mark – is giving further oxygen to the Russian currency, which has managed to reclaim part of the ground lost from historical lows recorded earlier in the week.

In addition, CBR Governor E.Nabiullina argued that the central bank remains vigilant on the ruble performance, adding at the same time that the bank has enough tools to face risks of financial unease. Nabiullina’s comments added to appreciations by Deputy PM Trutnev, who stressed that despite the current crisis the government ‘enjoys unprecedented level of support’ while he deemed the weaker ruble as ‘not very good for population, but very good for investors’.

USD/RUB significant levels

As of writing the pair is down 3.35% at 80.13 and a drop below 76.06 (20-day sma) would expose 70.77 (55-day sma) and finally 68.33 (8-month uptrend). On the other hand, the next resistance lines up at 85.92 (historical high Jan.21).
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Source:: FX Street