USD/RUB dips to lows near 64.50

The Russian currency is sharply higher vs. its American peer on Monday, dragging USD/RUB to fresh lows in the 64.60 area.

USD/RUB weaker on oil gains

RUB met extra buying interest following the strong recovery in crude oil prices, sending the barrel of Brent crude near the $49.00 mark, up around 4% on news of a potential meeting between Russia and Saudi Arabia in order to stabilize the oil market.

Spot is thus extending its decline for the second session in a row so far, trading in 2-week lows in the vicinity of 64.50.

Absent releases in the UIS docket due to the Labor Day holiday today, Russian inflation figures will take centre stage later ahead of the central bank’s FX Reserves due on Thursday.

USD/RUB levels to watch

At the moment the pair is losing 0.56% at 64.72 facing the next support at 64.52 (low Sep.5) followed by 64.24 (low Aug.26) and finally 63.41 (low Aug.18). On the other hand, a break above 65.97 (high Sep.1) would aim for 66.29 (high Jun.14) and then 67.15 (high Jul.29).