USD/RUB challenges highs on CBR decision

FXStreet (Edinburgh) – The Russian ruble continues to depreciate vs. the dollar today, pushing USD/RUB to the area of session tops around 60.60.

USD/RUB higher on CBR

The pair’s upside has been bolstered after the Russian central bank (CBR) cut its repo rate by 50 bp to 11.00%, broadly in line with market expectations. The pair is now advancing for the sixth consecutive week so far and returning to levels last seen in March above the critical 60.00 handle.

The central bank has also argued that the domestic economy continue to depend on the performance of energy prices, while it now sees the barrel of crude below $60 for a longer period.

USD/RUB important levels

At the moment the par is up .162% at 60.69 with the next resistance at 60.89 (high Jul.28) ahead of 62.36 (high Mar.17) and then 63.23 (high Mar.11). On the downside, a break below 58.40 (low Jul.30) would target 57.70 (low Jul.24) en route to 55.95 (low Jul.15).

The Russian ruble continues to depreciate vs. the dollar today, pushing USD/RUB to the area of session tops around 60.60…

(Market News Provided by FXstreet)