Russian Ruble to End August in Sideways Bias Around 60.00

Updated:

The Russian ruble (RUB) fell past the 60 price point against the US dollar (USD) on Friday as previous supporting factors faded, while the Russian stock market climbed higher.

The RUB lost the 60 mark, with the price approaching a 10-day peak near 61, although remaining within a sideways pattern through most of August. The single currency also struggled against the euro (EUR), falling to 61.00, its lowest recording since August 18.

Despite the recent performance, the ruble remains the bear-performing currency in 2022, bolstered by capital controls by the Central Bank of Russia (CBR) as it fought to plug a massive sell pressure.

The currency’s volatility appears to have completely subsided after dramatic price swings sent it to a record low of 154.24 in early March, a few weeks after Russia deployed its military into Ukraine. The currency then posted its most aggressive rally in seven years to 50.65 in late June.

shutterstock 2060030444 minRussian Ruble to Become Volatile Again in September

Many analysts expect volatility to resume again for the currency as the Moscow Exchange (MOEX) plans to reopen in September. Commenting on this volatility possibility, Maxim Biryukov, an analyst at Alfa Capital, explained:

“The resumption of currency trading in the morning will increase liquidity. But given the reduced volumes compared to the afternoon session, it cannot be ruled out that there will be increased volatility in the additional hours.”

Meanwhile, Zarina Saidova, an analyst at Moscow-based Finam brokerage recently narrated that a few factors were driving the movement of the Russian currency and stocks on Friday. Saidova noted:

“Trading volumes are very low due to the holiday season. Meanwhile, the external background is not so bad – optimism prevails in the US and European markets.”

 

You can purchase Lucky Block here. Buy LBlock

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.