Russian ruble rebounds from record lows vs US dollar

MOSCOW, Dec 12 (PRIME) -- The Russian ruble fell 82 kopecks against the U.S. dollar to 57.26 and 1.44 rubles against the euro to 71.35 as of 4.32 p.m. Moscow time on Friday, rebounding from earlier record lows of 57.98 against the U.S. dollar and 72.13 against the euro, but it is still under pressure from oil prices, analysts said.

“The disposition is, by all means, sad and there is no hope for a significant improvement. Oil remains the main driver for the ruble decrease, as the Brent oil price has set a new 5-year record low of less than U.S. $63 per barrel. Another predicament is that Russian companies must redeem over $30 billion of foreign borrowings in December,” Ivan Kopeikin, analyst at BCS Express, said.

As of 4.56 p.m. Moscow time, the Brent oil price lost 1.725% to $62.6 per barrel, according to the ICE exchange.

Even the central bank’s sharp increase of its key rate did not prop up the ruble like it should, Nord-Capital’s senior analyst Sergei Alin said.

“There is always one measure left – the sale of foreign currency revenues by exporters. They are obviously holding it back now. If the regulator orders them to sell it, it will certainly help the ruble,” Alin said.

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