Recently, the US dollar plunged to 57.30 against the ruble on the Moscow Exchange while the euro neared the level of 68 rubles. Analysts expect the ruble to test a strong support near 56-56.40 against the greenback.
The ruble strengthened amid a robust rise in oil prices that is the key driver for the Russian currency. The commodity prices more than just rose – they skyrocketed above $57 and moved further upwards. Probably, such positive a positive dynamic prompted traders to invest into the Russian currency actively.
There is a strong possibility of a deeper fall for the dollar-ruble pair. Analysts do not see any significant support levels here, so the quotes are likely to slide by about 3 rubles.
In this case, the developments on the foreign exchange market play a major role. If the US dollar gains ground and the single European currency falls, then the euro-dollar pair may return to the area of 1.10 and even lower. Meanwhile, this pair is completing a reversal pattern. At the same time, the euro may be put under pressure against the ruble on the Moscow Exchange and may retreat to yearly lows.
