VIEWPOINT: Ruble likely to remain at 62.50-63.00 to the dollar for now - RDIF
MOSCOW. July 16 (Interfax) - "Today the ruble is correcting slightly against the dollar in the direction of 62.80, though we believe it will remain in the 62.50-63.00/$1 range for now. Taxes are still to come, and the dividend factor, which pessimists have been relying on since the beginning of summer, just hasn't been able to create serious problems for the ruble and is hardly likely to do so, given the support for export sales. The short-term prospects of the ruble will depend on global issues, as well, in light of today's data and the upcoming comments from members of the Federal Reserve. Among short-term factors that could affect the ruble, we should note the first signs of a correction in the oil market due to the resumption of production in the U.S. following the news of the decrease in the potential threat from the storm in the Gulf of Mexico." -RDIF chief economist Dmitry Polevoi.
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