USD/RUB drops to 81.60 and rebounds afterwards

USD/RUB stays well on the defensive on RUB gains.
Geopolitical jitters mitigate on probable negotiation talks.
US Core PCE rose more than expected in January.

Pablo Piovano FXStreet

The Russian currency keeps the bid bias unchanged so far on Friday and now drags USD/RUB further south of the 82.00 mark, just to bounce a tad afterwards.

USD/RUB weaker as risk mood improves

USD/RUB extended the corrective downside to the 81.70 zone following news of a probable meeting between Russian and Ukrainian delegations.

In the meantime, Russian troops have already moved into Kyiv, while Russian forces are cited attacking cities in the west of the country.

Meanwhile in Moscow, the MOEX index advances more than 20% and continues to trim part of Thursday’s acute drop and yields of the Russian 10y benchmark note surpasses the 13.00% mark, still below Thursday’s tops around 14.00%.

USD/RUB levels to watch

So far, the pair is losing 1.84% at 82.80 and faces the next hurdle at 86.43 (high Feb.25) followed by 90.00 (all-time high Feb.23) and then 100.00 (round level). On the downside, a breach of 80.41 (monthly high Jan.26) would aim for 76.18 (55-day SMA) and finally 74.25 (monthly low Feb.10).

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Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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