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Russian ruble resumes fall despite recovering oil prices

August 26, 2015, 11:18 UTC+3 MOSCOW
The euro rate has exceeded 80 rubles again during Wednesday's trading session on the Moscow Exchange
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© TASS/Sergei Fadeichev

MOSCOW, August 26. /TASS/. The euro rate has added 86 kopecks during a trading session on the Moscow Exchange on Wednesday exceeding 80 rubles again and reaching 80.36 rubles.

The dollar rate rose by 1.04 rubles in comparison with the closing session on Tuesday to 69.89 rubles.

The price of futures contract for Brent crude with the delivery in October rose by 0.23% to $43.31 per barrel on the ICE in London.

But the rise in oil prices does not look steady, Anton Startsev, leading analyst of IG Olma, said.

"In the afternoon, we expect data on US crude stocks [17: 30 MSK] which could affect the nature of trading on the energy market. On the currency market some period of consolidation below 70 for the dollar-ruble pair is possible," he said.

For the first time since April, the ruble price of oil fell to below 3,000 rubles ($43) per barrel, chief economist for Russia and CIS ING Bank Dmitry Polevoy said.

"This keeps some short-term risks for the ruble in the absence of positive news on raw materials market. In this regard, we draw attention to the updated forecasts for 2015-18 by the Economic Development Ministry which are interesting for the exchange market in terms of changes in the forecast for the ruble price of oil, which remains a benchmark for the market. There will be debates on what scenario is a basic one in reality, given the growing risks for the budget. A significant cut in spending, reducing pressure on the budget revenues could improve the situation with the budget and the ruble," the expert said.

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