The dollar still failed to reach above the 60 rubles and yesterday the inflation prevented it, which grew from 4.1% to 4.4%. By itself, the growth of inflation occurred mainly because of the depreciation of ruble and given that the economy has defined confidence towards the imports, it further affected the price surge.However, this confidence is obviously declining, as the ruble weakened previously cause a greater increase in inflation. Nevertheless, the growth of inflation leaves little doubt that the Bank of Russia will leave the key rates unchanged during the next meeting.
Hence, in order to know the predetermined course of the ruble, stronger news is needed and they will soon be seen.
Today will be the first meeting between Trump and Putin, which are already surrounded by various arguments. It's not apparent that many representatives of the American political elite disagreed with this meeting.
Trump himself promised to normalize relations with Russia during the pre-election race. During the meeting, one should not expect any breakthroughs as the presidents will rather focus on the common ground and various issues in order to outline further negotiations. In case that there are no scandals and new aggressive statements, however, already on the lips of the heads of state, the investors' interest in ruble will definitely grow. Mainly because of the fact that the Bank of Russia will not reduce its key rate until the recession.
In this regard, it is well worth the wait for the dollar depreciation through 59.15 rubles.
If it becomes apparent that there will be no progress in normalizing the relations, the dollar is able to rise to 60.20 rubles and secured this mark.
