USD/RUB keeps highs near 63.80, Brent drops

The Russian currency is extending its selling bias on Thursday, now lifting USD/RUB to the area of weekly highs near 63.80.

USD/RUB stronger on Brent drop, data

Spot is advancing for the second consecutive session so far, staying in the area of 5-week tops in the upper-63.00s following a persistent weakness around crude oil prices, which has offset the offered bias around the dollar.

In fact, the barrel of Brent crude has dropped to 5-week lows around $46.60, surrounded by swelling scepticism around the likeliness of a deal on an output freeze between OPEC and non-OPEC members.

Data wise, the US calendar showed mixed results from the ISM manufacturing and Factory Orders, while Russian inflation figures tracked by the CPI rose below consensus 0.4% MoM and 6.1% on a year to October. Further data saw FX Reserves held by the CBR at $391.0 billion vs. $391.3 billion from the previous week

USD/RUB levels to watch

At the moment the pair is advancing 0.26% at 63.67 facing the next up barrier at 63.83 (high Nov.2) followed by 64.11 (100-day sma) and finally 65.46 (high Sep.13). On the downside, a break below 61.85 (2016 low Oct.10) would expose 60.70 (low Oct.9 2015) and then 48.79 (low May 13 2015).