USD/RUB dips to lows near 64.10, OPEC eyed

The Russian currency is reclaiming some ground lost during last week, with USD/RUB dropping to 64.20/10 area, or session lows.

USD/RUB focus on OPEC, USD

RUB met extra buying pressure following a continuation of the upbeat tone in crude oil prices, sending the barrel of Brent crude near the $48.00 mark earlier today and thus collaborating with the downside.

In addition, the greenback continues to correct lower after Friday’s fresh tops near 101.50 when gauged by the US Dollar Index (DXY), levels seen for the last time over a decade ago.

Later in the day, Fed’s Vice Chair S.Fischer (permanent voter, hawkish) is due to speak on ‘Longer-term Challenges for the US Economy’, while the CBR will publish its holdings of FX Reserves on Thursday.

Additionally for RUB, speculative net longs have dropped to the lowest level since early October during the week ended on November 30 according to the latest CFTC report.

USD/RUB levels to watch

At the moment the pair is retreating 0.74% at 64.20 facing the next down barrier at 64.09 (low Nov.16) followed by 63.90 (20-day sma) and then 63.25 (low Nov.11). On the other hand, a breakout of 66.29 (200-day sma) would open the door to 66.48 (high Nov.14) and finally 67.15 (high Jul.27).