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Ruble strengthened to weekly high on exporter demand

FXStreet (Moscow) - USD/RUB opened the trades with a gap lower at 38.46, and continued the slide to weekly low at 38.25 in the first hours; it is currently trading at 38.31.

Tax period really helped

The Russian currency did get help from the started tax period, as exporters increased the demand on the national currency. The largest tax payments are scheduled for looming Thursday (325 идт rubles), and it may keep the ruble supported in the short-term. Besides, the recent weakening of the USD due to corrective moves, and some disappointing news from housing sector may be another factor of pressure for the pair. As of writing, USD/RUB is trading at 38.32, sliding by 1.43% from all-time high seen on September, 16.

What are today’s key USD/RUB levels?

Today's central pivot point can be found at 38.47, with support below at 38.32, 38.23 and 38.12, with resistance above at 38.64, 38.75 and 38.90. Hourly Moving Averages are bearish, with the 200SMA flat at 38.34 and the daily 20EMA bullish at 37.67. Hourly RSI is bearish at 16.

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