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24 Dec 2014
USD/RUB rebounds from 2-week lows
FXStreet (Mumbai) - The Russian ruble trades steady against the US dollar during the early European morning, as the US dollar bulls jumped back in the bids from two-week low levels.
Currently, USD/RUB trades now at 54.83 levels, gaining 0.35% on the day, recovering from two-week low of 52.877 levels in the previous session. The ruble jumped to two-week highs against the US dollar after the Russian authorities ordered Russia’s five huge oil exporters including Gazprom and Rosneft to sell part of their foreign exchange revenues in the next couple of months. This move is expected to add an estimated USD 1 billion daily to the market, which should serve as strong support for the ruble.
USD/RUB Technical Levels
To the upside, the next resistance is located at 55.40 (Today’s High) and above which it could extend gains to 57 levels. To the downside, immediate support might be located at 52.87 (Dec 23 Low) and below that at 50 levels.
Currently, USD/RUB trades now at 54.83 levels, gaining 0.35% on the day, recovering from two-week low of 52.877 levels in the previous session. The ruble jumped to two-week highs against the US dollar after the Russian authorities ordered Russia’s five huge oil exporters including Gazprom and Rosneft to sell part of their foreign exchange revenues in the next couple of months. This move is expected to add an estimated USD 1 billion daily to the market, which should serve as strong support for the ruble.
USD/RUB Technical Levels
To the upside, the next resistance is located at 55.40 (Today’s High) and above which it could extend gains to 57 levels. To the downside, immediate support might be located at 52.87 (Dec 23 Low) and below that at 50 levels.