USD/RUB tumbles to lows near 57.40 on oil, CBR

The Russian currency is appreciating further on Friday, now sending USD/RUB to fresh daily lows in the vicinity of 57.40.

USD/RUB weaker on CBR

RUB picked up extra pace on Friday after the Russian central bank (CBR) lowered its key rate to 9.0% from 9.25%, broadly in line with market expectations and following recent comments by Governor E.Nabiullina.

The CBR noted that inflation remains close to its 4% target amidst declining inflation expectations and moderate economic recovery. In addition, the central bank left the door open for further easing via lower rates in the second half of the year.

Adding to RUB gains, the barrel of Brent crude is up by more than 1% to the $47.60 region following two consecutive sessions with losses, although it stays on track to close its fourth straight week with losses.

USD/RUB levels to watch

At the moment the pair is losing 0.74% at 57.44 facing the next support at 57.37 (100-day sma) seconded by 56.79 (55-day sma) and finally 56.73 (low Jun/15). On the flip side, a surpass of 57.88 (high Jun.15) would aim for 58.12 (high May 18) and then 59.07 (high May 5).