The exchange rate of the dollar for the first half of the year fell below 57 rubles.

Photo: Vladislav Shatilo / RBC

Trading currency on the Moscow stock exchange began on February 15 a new strengthening of the ruble, despite the decline in world oil prices

The dollar and the Euro on the Moscow stock exchange on the morning of 15 February went down. At a minimum the value of the dollar fell to 56.84 RUB by 26.75 kopecks below the closing level of the previous trading session. Below the level of 57 rubles. the dollar fell for the first time since July 22, 2015.

Simultaneously, the Euro fell to 60.14 RUB 26 kopecks below the closing level on February 14. Made on Wednesday, the low was the lowest point of the fall of the Euro from 24 June 2015.

The experts of the Bank noted that from the beginning of 2017, the ruble has appreciated against the dollar almost 7%, which made it the fastest growing in the price of currencies of developing countries.

The strengthening of the ruble continues, despite the slight decrease in oil prices. During today’s trading on the exchange ICE futures price for Brent crude oil declined to $55,59 per barrel, which is 0.68% below the closing level of the previous trading session.

In the report of ROSBANK it is noted that in the absence of strong reasons for the correction of the ruble may continue to grow.

“As always happens in financial markets, such a strong interest in buying/selling a certain asset rarely takes place under the influence of short-term factors. A relatively more plausible reasons for upward correction of the dollar/ruble in the direction of our forecast range — 60-62 for the first half of 2017 — could be the intervention of the Bank of Russia to the situation on the currency market, a sharp tightening of rhetoric, the fed or an unexpected increase in the Fed Funds rate, achieving new psychological markers (e.g. 55), then investors will begin taking profits,” reads the report.

By 10:25 Moscow time the price of a barrel of Brent oil on the ICE futures exchange was $55,74, the dollar on the Moscow stock exchange reached 56,9 Euro — 60,185 RUB.

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