The Russian ruble looks too tight. Overview for 12.03.2021

The Russian ruble looks too tight. Overview for 12.03.2021

12.03.2021

Russian ruble remains strong even against the background of good dollar positions on the global currency market. A key trigger for the strengthening of the ruble is the new wave of rally in oil. Since the Russian economy remains raw in structure and budget revenues of more than 60% depend on revenues from the export of goods, such connections are not surprising.

Dollars on Friday, March 12, is traded at 73,50 RUB and, in general, retains trading, but uneasy range 73,50 – 74,50 RUB.

Euro is worth 87,85 RUB, here the limits of short-term fluctuations are included within 87,75 – 91,00 RUB.

Additional support for the ruble ensures a continued positive attitude to risk on global platforms, as well as the presence of demand for Russian bonds on the debt market.

Decisions of the Moscow Stock Exchange on extending the trading time of ruble pairs contribute to exchange volatility: trading starts three hours earlier than usual, allowing particularly energetic investors to have time to recover news flows before most bidders are at work.

All other equal positions of the ruble still look too strong because there were no internal reasons for optimism, inflationary pressures are increasing and the CBR clearly does not intend to take new steps to support the economy.

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Financial Market Forecasts are private opinions of the authors. The current analysis is not a guide to trade. RoboForex is not responsible for the results of the work that may occur when using the trading recommendations of the presented reviews.