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16 Dec 2014
Russian Ruble recovers from all time lows
FXStreet (Mumbai) -The Russian ruble rebounded sharply against the US dollar from previous session’s sell-off, which knocked down the ruble to fresh record lows of 65.99 levels, just a hairline short of 66 mark.
Currently, USD/RUB traded at 60.60 levels, losing -7.62% on the day, giving away more than half the gains from the previous session. The ruble recovers losses against the US dollar after Russia’s central bank unexpectedly hiked its benchmark interest rate from 10.5% to 17% in the early hours of Tuesday morning, in a bid to slow the national currency's downfall.
However, the ruble still remains vulnerable to downside risk against the US dollar as slumping oil prices fails to offer any respite to the Russian currency. The Russian ruble has fallen almost 100% against the greenback on a nominal basis ytd.
USD/RUB Technical Levels
For the pair, support stands at 60.31 (50-day SMA) levels, below which it could extend losses to 57.64 (100-day SMA) levels.
Currently, USD/RUB traded at 60.60 levels, losing -7.62% on the day, giving away more than half the gains from the previous session. The ruble recovers losses against the US dollar after Russia’s central bank unexpectedly hiked its benchmark interest rate from 10.5% to 17% in the early hours of Tuesday morning, in a bid to slow the national currency's downfall.
However, the ruble still remains vulnerable to downside risk against the US dollar as slumping oil prices fails to offer any respite to the Russian currency. The Russian ruble has fallen almost 100% against the greenback on a nominal basis ytd.
USD/RUB Technical Levels
For the pair, support stands at 60.31 (50-day SMA) levels, below which it could extend losses to 57.64 (100-day SMA) levels.