21 Jan 2015
USD/RUB inches higher, faces stiff resistance at 66.70
FXStreet (Mumbai) - The Russian ruble continued its descent against the US dollar during European session, despite a recovery seen in oil prices.
Currently, USD/RUB trades now at 65.75 levels, gaining 1.02% on the day, having posted intraday high at 66.05 and day’s low at 65.09 levels. The ruble extended losses against the US dollar as traders await the Finance Ministry to sell government bonds worth RUB 5 billion in an effort to strengthen the Russian currency. The pair is expected to remain higher as weaker oil prices and Western sanctions on Russia over Ukraine crisis are likely to be a major drag on the ruble.
USD/RUB Technical Levels
To the upside, the next resistance is located at 67 and above which it could extend gains to 69 levels. To the downside, immediate support might be located at 63 and below that at 61.90 levels.
Currently, USD/RUB trades now at 65.75 levels, gaining 1.02% on the day, having posted intraday high at 66.05 and day’s low at 65.09 levels. The ruble extended losses against the US dollar as traders await the Finance Ministry to sell government bonds worth RUB 5 billion in an effort to strengthen the Russian currency. The pair is expected to remain higher as weaker oil prices and Western sanctions on Russia over Ukraine crisis are likely to be a major drag on the ruble.
USD/RUB Technical Levels
To the upside, the next resistance is located at 67 and above which it could extend gains to 69 levels. To the downside, immediate support might be located at 63 and below that at 61.90 levels.