Russian Ruble touches 37-month low vs. USD
The Russian Ruble fell to a 37-month low Thursday, 1 USD traded for over 33 Rubles on the Moscow Interbank Currency Exchange.
The last time the Ruble was traded at that level occurred in April 2009.
According to the MICEX website, at the start of the tomorrow trade session at 10 a.m. Moscow time (0600 GMT), the ruble fell below that psych mark briefly and slightly recovered later.
The Russian Central Bank (CB) official exchange rate for Thursday was 32.45 Rubles per USD.
Analysts say the ruble depreciation was linked to the Brent Crude Oil price drop to its May 2009 level and to the speculative operations of currency traders.
This week, the Russian Central Bank started selling USD's on the MICEX for the 1st time since January, selling about US$70-M Wednesday in an attempt to break the swift depreciation of the Ruble.
The Russian Central Bank Wednesday speeded up its currency intervention by selling 4.2 time more USD's than it had done Tuesday.
The Central Bank did not participate in currency market operations between 18 and 25 May. During that week, the Ruble fell against the USD from below 31 to over 33.
Russian currency and Gold reserves decreased during that week by US$1.1-B, to US$513.2-B , the Central Bank said.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.