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14 Jan 2015
Ruble extends losses on diving Oil prices
FXStreet (Mumbai) - The Russian ruble continued its downtrend against the US dollar during European session, as oil prices failed to find a bottom.
Currently, USD/RUB trades now at 66.017 levels, gaining 1.25% on the day, having posted fresh one month high at 66.55 some minutes ago. The ruble dropped to fresh one month lows against the US dollar as markets remain wary over negative effects of diving commodity prices on the Russian economy.
Moreover, expectations that the Russian economy is expected to fall into recession this year, as the country’s inflation climbs to 11.4%, continued to hurt the Russian currency.
USD/RUB Technical Levels
To the upside, the next resistance is located at 67 and above which it could extend gains to 69 levels. To the downside, immediate support might be located at 63 and below that at 61.90 levels.
Currently, USD/RUB trades now at 66.017 levels, gaining 1.25% on the day, having posted fresh one month high at 66.55 some minutes ago. The ruble dropped to fresh one month lows against the US dollar as markets remain wary over negative effects of diving commodity prices on the Russian economy.
Moreover, expectations that the Russian economy is expected to fall into recession this year, as the country’s inflation climbs to 11.4%, continued to hurt the Russian currency.
USD/RUB Technical Levels
To the upside, the next resistance is located at 67 and above which it could extend gains to 69 levels. To the downside, immediate support might be located at 63 and below that at 61.90 levels.