9 Dec 2014
Russian Ruble continues its descent
FXStreet (Mumbai) - The Russian currency extended losses from the previous session against the greenback, continuing its downside momentum to reach multi year low.
The ruble trades at 54.19 levels, losing 0.77%, at time of writing. The Russian currency continued to weaken as markets await any action by Russian policy makers to prop up the ruble in the Dec. 11 meet on interest rate decision.
The ruble has lost almost 40% versus the US dollar ytd.
USD/RUB Technical Levels
The pair has an immediate resistance at 54.39 (Dec 5 High) levels, above which gains could be extended to 54.86 (Dec 3 High) levels. On the flip side, support is seen at 53.88 (20-day SMA) levels, below which it could extend losses to 53.50 (100-day SMA) levels.
The ruble trades at 54.19 levels, losing 0.77%, at time of writing. The Russian currency continued to weaken as markets await any action by Russian policy makers to prop up the ruble in the Dec. 11 meet on interest rate decision.
The ruble has lost almost 40% versus the US dollar ytd.
USD/RUB Technical Levels
The pair has an immediate resistance at 54.39 (Dec 5 High) levels, above which gains could be extended to 54.86 (Dec 3 High) levels. On the flip side, support is seen at 53.88 (20-day SMA) levels, below which it could extend losses to 53.50 (100-day SMA) levels.