USD/RUB edged higher in thin trade on Tuesday, but was still affected by heightened geopolitical pressure due to Russia’s military build-up near Ukraine.
The Russian currency has been facing pressure since October, with Western nations concerned about a potential outcome from such a move.
The US administration, which views the move as a possible preparation for invasion of Ukraine, has warned there will be rapid and heavy sanctions in case of such event. However, Moscow has already denied such intentions.
Meanwhile, the rouble-based MOEX stock index touched a fresh two-week high of 3,768.54 on Tuesday, as Brent crude oil, a global benchmark for Russia’s main export, was trading in proximity to a one-month peak of $79.32 per barrel. Hopes of a limited Omicron impact on fuel demand supported oil prices.
Friday, December 31st, will be a non-trading day on all MOEX market segments, while trading will resume on January 3rd.
As of 10:09 GMT on Tuesday USD/RUB was edging up 0.23% to trade at 73.6312, while moving within a daily range of 73.3404-73.6504.
The Forex pair has retreated 2.98% since the November 26th high of 75.8907, its strongest level since April 22nd. The exotic currency pair has dropped 0.67% so far in December, following a 4.42% gain in November.
Daily Pivot Levels (traditional method of calculation)
Central Pivot – 73.4128
R1 – 73.7190
R2 – 73.9745
R3 – 74.2807
R4 – 74.5868
S1 – 73.1573
S2 – 72.8511
S3 – 72.5956
S4 – 72.3400
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