- Russian Ruble secures a 6-day winning streak against the Pound
- Ruble cumulative gains from the all-time low in excess of 33%
- BOE interest rate decision eyed on Thursday
- Russia’s central bank rate decision eyed on Friday
At the foreign exchange market, the value of the Russian ruble extended gains on Tuesday for the 6 consecutive days settling slightly up +3.26% at 0.00696 against the British Pound. The RUB/GBP exchange rate was seen trading on Wednesday morning within a trading range of an intra-day low of 0.00695 and a high of 0.00713.
Russian Ruble rebounds from an all-time low against the GBP to gain over 33% in less than 2 weeks. The RUB to GBP pair might face strong resistance ahead near last week’s high of 0.00727.
Meanwhile, upbeat employment data helped the British Pound to erase weekly losses against the US dollar. Investors are now eyeing the Bank of England (BOE) interest rate decision on Thursday to gain more clarity of the GBP exchange rate direction.
According to the market consensus the central bank is set to hike rates to the pre-COVID level.
The Bank of England increased interest rates to 0.5% in February and investors are expecting another quarter-point increase, to 0.75% amid surging inflation and slower global economic growth.
In Russia, the central bank will make a decision on its benchmark interest rate on Friday, March 18. Russia’s central bank drastically doubled the interest rate to 20% to tame down Ruble losses in the aftermath of the Western sanctions.