USD/RUB weaker on Brent gains, supported at 63.50

After bottoming out in fresh multi-day lows near 63.50, USD/RUB has now regained some pips and trades in the 63.85/90 band.

USD/RUB lower on oil

Spot has accelerated its downside after OPEC members have finally clinched a deal to cut the oil output by 1.2 mbpd to 32.5 mbpd at the meeting in Vienna on Wednesday.

The deal pushed the Brent crude to the vicinity of the $53.00 mark per barrel, lending extra support to RUB and thus collaborating with the downside at the same time.

Data wise, Markit’s Manufacturing PMI in the Russian economy has improved to 53.6 in November, while the US ISM Manufacturing is expected to advance to 52.2 during the same period, from 51.9.

USD/RUB levels to watch

At the moment the pair is retreating 0.49% at 63.83 facing the next support at 63.51 (low Dec.1) followed by 63.25 (low Nov.9) and then 61.95 (low Oct.25). On the other hand, a break above 64.50 (20-day sma) would expose 65.49 (high Nov.29) and finally 65.74 (200-day sma).