27 Jan 2015
Ruble recovers slightly from 1-Month lows
FXStreet (Mumbai) - The Russian ruble recovered mild losses against the US dollar, having fallen to fresh monthly lows yesterday after Standard & Poor's downgraded Russia debt rating below investment grade.
Currently, USD/RUB trades now at 67.69 levels, losing -0.34% on the day, moving away from fresh monthly highs reached at 69.31 levels in the previous session. The ruble plunged versus the US dollar on Monday after the Russian sovereign credit rating was notched down from BBB- to BB+ by S&P on Monday, as the nation's economy continues to deteriorate.
Moreover, reports that Russian Central Bank may cut rates by 2%-3% from the current 17% rate and falling oil prices is likely to keep the Russian currency undermined.
USD/RUB Technical Levels
To the upside, the next resistance is located at 69.31 and above which it could extend gains to 71 levels. To the downside, immediate support might be located at 66 and below that at 64 levels.
Currently, USD/RUB trades now at 67.69 levels, losing -0.34% on the day, moving away from fresh monthly highs reached at 69.31 levels in the previous session. The ruble plunged versus the US dollar on Monday after the Russian sovereign credit rating was notched down from BBB- to BB+ by S&P on Monday, as the nation's economy continues to deteriorate.
Moreover, reports that Russian Central Bank may cut rates by 2%-3% from the current 17% rate and falling oil prices is likely to keep the Russian currency undermined.
USD/RUB Technical Levels
To the upside, the next resistance is located at 69.31 and above which it could extend gains to 71 levels. To the downside, immediate support might be located at 66 and below that at 64 levels.