USD/RUB advances to highs near 66.50 on oil drop

The Russian ruble is extending its bearish note at the beginning of the week, lifting USD/RUB to fresh daily highs near 66.50.

USD/RUB focus on oil

The pair is trading on a firmer footing on Monday following a renewed buying interest around the greenback and a continuation of the selling bias in crude oil prices.

Spot clinched highs above the 67.00 mark on Friday just to slump to sub-66.00 levels after poor prints from US Q2 GDP have prompted USD to intensify its weekly decline.

Crude oil prices are prolonging its downside momentum today, with the barrel of Brent crude slipping below the $43.00 handle and adding extra selling pressure to RUB.

USD/RUB levels to watch

At the moment the pair is advancing 0.61% at 66.44 facing the next resistance at 67.15 (high Jul.29) followed by 67.67 (high Jun.2) and then 68.76 (200-day sma). On the downside, a break below 65.00 (55-day sma) would open the door to 64.55 (20-day sma) and finally 62.75 (2016 low Jul.14).