USD/RUB shoots to record highs near 86.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 21, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The Russian currency keeps depreciating vs. the greenback today, lifting USD/RUB to record highs in levels just shy of the 86.00 handle.

    USD/RUB lower on oil slump

    Crude oil prices remains the exclusive driver behind RUB’s price action, which has accentuated its decline as of late along with another drop of the barrel of Brent crude to sub-$28.00 levels.

    Fanning the flames, former Russian Finance Minister A.Kudrin has argued that crude oil prices could slip towards $16.00 per barrel. In the meantime, the central bank has allayed rumours of intervention to defend the ruble, indicating that the current RUB weakness is justified and does not threaten financial stability.

    USD/RUB significant levels

    As of writing the pair is gaining 2.92% at 84.21 with the next hurdle at today’s peak at 85.92. On the other hand, a drop below 75.66 (20-day sma) would expose 70.51 (55-day sma) and finally 68.56 (8-month uptrend).
    For more information, read our latest forex news.

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