FX.co ★ Greenback plunges below 60 against Russian ruble

The US dollar took a nosedive against the Russian ruble on the back of oil appreciation. This news grabbed the headlines of Russian media, as the national currency has finally breached the psychological level of 60.

Still, a real treat for rubble traders would be news about the greenback returning to the levels seen in 2013, whereas this time the Russian currency won back just a few cents. Thus, the US dollar depreciated to 59.66 rubles, while the euro fell to 63.64 rubles. At the same time, the ruble demonstrates great results in a struggle against its major opponents: it is the only currency which managed to sustain rally versus the greenback since the end of September. By the end of the last year, the Russian currency gained a huge profit of 21.5%. Forex experts think that the rubble is strengthening thanks to rising oil prices and hopes on thaw in relations between Russia and the United States and Europe after Trump’s inauguration. However, market participants are concerned over the fact that the ruble’s growth is caused by external factors which can change any moment.

The pace of rise in oil prices is slowing down already. Moreover, markets remain skeptical over implementation of the agreement on the output cut stroke by the OPEC and non-OPEC countries. The Russian ruble exchange rate depends directly on dynamic of oil prices.