USD/RUB tumbles to lows near 65.00

The Russian ruble is gathering further pace vs. the greenback today, with USD/RUB dropping to fresh lows in the 65.00 neighbourhood.

USD/RUB bounces off 64.90

After climbing as high as the proximity of 65.50 on Tuesday, spot has come under renewed downside pressure in response to a better sentiment around crude oil prices and the prevailing offered tone in the greenback.

In fact, the barrel of Brent crude is trading in the low-$47.00s, up smalls following yesterday’s deep pullback to levels just below the $47.00 mark.

Next of relevance for RUB will be CBR’s interest rate decision on Friday, with market consensus expecting a 50 bp rate cut.

USD/RUB levels to watch

At the moment the pair is retreating 0.47% at 64.99 and a break below 63.58 (low Sep.8) would aim for 63.41 (low Aug.18) and then 62.75 (low Jul.14). On the flip side, the next resistance lines up at 65.97 (high Sep.1) followed by 67.15 (high Jun.14) and finally 68.79 (200-day sma).