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30 Dec 2014
Ruble extends losses versus US dollar
FXStreet (Mumbai) - The Russian ruble continued its descent for the third straight session, snapping its biggest weekly rally in sixteen years.
Currently, USD/RUB trades at fresh daily’s high levels of 58.90, gaining 1.46%, on the day moving away from one week high of 59.19 hit in the previous session. The ruble continued its bearish tone against the greenback as the traders took to safe haven in US dollar after falling oil prices and lingering concerns over Greece financial and political crisis.
Moreover, markets continue to view that the official measures adopted by the Russian authorities may be of little help to stabilize the ruble.
USD/RUB Technical Levels
To the upside, the next resistance is located at 59.19 (Dec 29 High) levels and above which it could extend gains to 61 levels. To the downside, immediate support might be located at 56 and below that at 52.87 (Dec 23 Low) levels.
Currently, USD/RUB trades at fresh daily’s high levels of 58.90, gaining 1.46%, on the day moving away from one week high of 59.19 hit in the previous session. The ruble continued its bearish tone against the greenback as the traders took to safe haven in US dollar after falling oil prices and lingering concerns over Greece financial and political crisis.
Moreover, markets continue to view that the official measures adopted by the Russian authorities may be of little help to stabilize the ruble.
USD/RUB Technical Levels
To the upside, the next resistance is located at 59.19 (Dec 29 High) levels and above which it could extend gains to 61 levels. To the downside, immediate support might be located at 56 and below that at 52.87 (Dec 23 Low) levels.