May 30, 2023
Weaker Ruble amid signs of growing pressure on Russia
Hot Forex Review

Weaker Ruble amid signs of growing pressure on Russia

While the price of one of the most critical sources of Russian income decreasing in recent months to raise the pressure on the Russian economy, investors are trying to assess the net impact of disruption to Russian exports of crude and products due to G7 and European sanctions.

Russian officials said last week that their Oil export to India was 25 times more than in the same period of the previous year. In line with the Indian refiners, their Turkish counterparts also run at record rates with discount prices. However, overall Russian export decreased, while they gave significant discounts also to their clients. Lower income from oil and gas increases pressure on Russia’s financial health. The central bank of Russia today, Thursday, March 30, warned of rising financial stability risks.

While the war outlook gets more uncertain in Ukraine and the Russian economy gets weaker, the Ruble has fallen by 25% against the dollar since the end of November. In addition, despite some weaknesses, the US dollar index could still hold its strength.

From the technical point of view, USDRUB moves in a clear and slow uptrend, with Supports at 76.23, 75.50, and lower at 75. If the price continues to increase, we have the next resistance at 77.40.

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