Forex - Russia Flows: Ruble hurt by worries about sanctions

 11:22 (GMT) 14 Feb

  [Forex Flows]

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Russia Flows: Ruble hurt by worries about sanctions (0101-JDVM-C01)

The ruble extended its losses at the start of Thursday's session, with the USD/RUB briefly climbing to 66.9855 after it exceeded the 66.18, 66.55 and 66.65 resistance levels. The currency was hurt by reports that a bipartisan group of U.S. senators proposed a bill that would impose fresh sanctions on Russia, including its cyber sector, new sovereign debt and energy projects with the participation of its state-owned companies. But while we expect the ruble to continue to suffer from worries about sanctions in the near term, we think that the beginning the monthly tax payment period on Friday will soften the blow, with the USD/RUB unlikely to break the key 67.30 resistance level.

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