USD/RUB drops 4% as China extends a helping hand

23/12/2014 07:54 AST

The Russian ruble firmed against the US dollar during the European session, extending gains from the previous session as offered Russia a helping hand in a bid to stabilize the depreciating ruble.

Currently, USD/RUB trades now at 56.627 levels, losing -3.82% on the day, after posting daily low at 55.86 levels. The ruble regained strength against the US dollar after Chinese officials offered to use more currency swaps to avoid the greenback in mutual trade between the two countries in order to help Russia exit its currency crisis. China and Russia signed a three-year currency-swap line of 150 billion Yuan (USD 24 billion) in October.

Chinese Foreign Minister Wang Yi said for a Chinese newspaper on Monday that, "If the Russian side needs, we will provide necessary assistance within our capacity."

The move by Chinese officials is in addition to last week’s Russian Central Bank’s efforts to contain the Russian currency depreciation.

USD/RUB Technical Levels

To the upside, the next resistance is located at 62.99 (Dec 19 High) and above which it could extend gains to 63.87 (Dec 18 High) levels. To the downside, immediate support might be located at 56.37 (Dec 12 Low) and below that at 55 levels.


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