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Ruble gets no help from repatriation flows

FXStreet (Moscow) - USD/RUB opened the trades mulch lower than it closed on Friday - at 38.34. However, the ruble gave up all of its gains reaching session low at 38.69 one hour post opening, and currently trading at 38.59.

Tax period

Although the market expected some strengthening of the Russian currency due to looming tax period, it hardly helps the ruble in current environment. According to the estimates, the exporters may need to repatriate about 550 bln rubles for VAT, and excise taxes payment. Rationally it helped the ruble to strengthen a bit, but not this time, as there were some comments from the Minister of economic development and trade of the Russian Federation on EU sanctions. Mr. Ulukayev supposed there are few chances to see cancellation of the measures aimed at Russian economy. It sent USD/RUB to 38.59 by the moment of writing.

What are today’s key USD/RUB levels?

Today's central pivot point can be found at 38.44, with support below at 38.32, 38.23 and 38.12, with resistance above at 38.64, and 38.74. Hourly Moving Averages are bullish, with the 200SMA bullish at 37.02 and the daily 20EMA bullish at 37.46. Hourly RSI is bullish at 64.

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