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About the USD/RUB (US Dollar and Russian Ruble)
USD/RUB pair is the abbreviated term used for US Dollar and Russian Ruble. the US Dollar nickname is Buck and Russian Ruble nickname is Rouble. And this pair does not have a nickname. Before we get into the particulars, what exactly does the USD/RUB rate mean? The exchange rate tells you how many Russian Ruble currencies (the quote currency) are required to purchase one US Dollar (base currency). For example, if the pair is trading at 65.17, it means it takes 65.17 Russian Ruble to buy 1 US Dollar
Breaking Down ‘USD/RUB’
The United States dollar, or the American dollar, is the official currency, or money, of the United States of America and is also used in a number of different countries across the border. It is also the standard money for global markets selling goods such as gold and oil (fuel). While writing, the symbol for the American dollar is the dollar sign ($). Dollars can also be known as USD (U.S. Dollar).
Whereas, The Russian ruble is the official currency of Russia And the RUB is the abbreviation for the Russian ruble is made up of 100 kopeks and this currency does not have a symbol and still, no symbol exists officially. The Ruble has been used since the 13th century. and this the second oldest national currency back the British pound sterling.
The US Dollar vs. the Russian Ruble pair is representing the two contradicting and opposing economies and political systems in the world. for crude oil volatility, this pair is very sensitive as the Russian economy depends on the petroleum market hugely. in this pair, the world most traded currency is considered to be very reliable and safe.
Correlation is merely a mutual relationship or connection between two or more things.
Positive correlation – The positive relationship merely is when pairs move in tandem with each other.
In the forex world, XNGUSD, EURSGD, and XBRUSD pairs are positively correlated
Negative correlation – In contrast, a negative relationship is when forex pairs move in the opposite direction, For example, XBR/USD, USD/HUF and EUR/HUF
Economic Events: The movement in the US Dollar economic and Russian Rumble events determine the exchange rates. Top of the line economic events includes GDP, Employment Change, Industrial Production, and Consumer Price Index. Better than forecast data increases the demand for related currency and impacts the value of either the US Dollar and Russian Ruble, causing fluctuations in the USD/RUB exchange rate.
Major Economic Events
Gross Domestic Product – the gross domestic product is the central measure of economic growth in the region.
Employment Change – The Sterling is also sensitive to changes in employment, as slacks in the labor market causes a drop in Inflation rates.
Consumer Price Index – Since one of the goals of the BOP is to maintain price stability, they keep an eye on inflation indicators such as the CPI. If the annual CPI deviates from the central
Industrial Production – This measures a change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities.
Political Events - Another critical factor is the political aspect. Instability, as seen in the Brexit referendum, can entirely change the direction of the currencies. So, stay up-to-date on the latest political and economic news.
What Determines the USD/RUB exchange Rate?
Several factors can impact the USD/RUB rate valuation, including:
FRS & CBR Monetary Policies: the Federal Reserve System & Central Bank of Russia control the supply of money in the market, to keep the economy on track. A dovish policy, which is also known as expansionary policy, from either of the central banks, weakens the related currency. In contrast, a hawkish monetary policy (contractionary policy) strengthens the currency
The USD/RUB is traded in amounts denominated in the US Dollar.
Standard lot Size: 100,000
Mini lot size: 10,000
One pip in decimals 0.0001
Pip Value: $??