USD/RUB deflates to lows near 64.80

The Russian ruble is picking up pace vs. the greenback today, sending USD/RUB to the area of daily lows near 64.80.

USD/RUB lower on oil recovery

The pair is shedding ground since Tuesday, coming down from recent tops just above the 67.00 handle until today’s troughs in sub-65.00 levels.

RUB is deriving extra support today as the current recovery in crude oil prices is lifting the barrel of Brent crude to the boundaries of the key barrier at $45.00 following rumours of a probable meeting between producers to discuss an output freeze.

USD/RUB levels to watch

At the moment the pair is retreating 0.90% at 64.94 and a breakdown of 63.42 (support line at June lows) would expose 62.75 (2016 low Jul.14). On the other hand, the next up barrier aligns at 67.15 (high Jul.29) followed by 67.67 (high Jun.2) and then 68.85 (200-day sma).