USD/RUB drops to lows in the mid-62.00s

The Russian currency is gathering further traction on Wednesday, now dragging USD/RUB to fresh lows in the 62.50/40 band.

USD/RUB weaker on USD-selling, oil gains

Spot is retreating for the second session in a row today, shedding around a cent since last Thursday’s tops in the mid-63.00s.

The persistent decline in the pair has been sustained by the continuation of the selling mood around the greenback, while the bid tone in crude oil prices has also collaborated with the upside. In fact, the barrel of Brent crude is advancing more than 1% above the $52.00 mark during the European afternoon.

Ahead in the session, Russian Retail Sales and Unemployment Rate during September are due.

Back to the US, MBA’s Mortgage Approvals is due followed by Building Permits, Housing Starts and the Fed’s Beige Book. In addition, San Francisco Fed J.Williams (2018 voter, neutral), Philly Fed P.Harker (2017 voter, hawkish) and Dallas Fed R.Kaplan (2017 voter, neutral) are all due to speak later in the day.

USD/RUB levels to watch

At the moment the pair is losing 0.54% at 62.47 and a break below 61.85 (2016 low Oct.10) would expose 60.70 (low Oct.9 2015) and then 48.79 (low May 13 2015). On the flip side, the next up barrier lines up at 63.49 (high Oct.13) followed by 64.25 (high Sep.26) and finally 64.40 (100-day sma).