According to an announcement made by Swiss bank Dukascopy, the brokerage will re-introduce trading on the most traded Russian ruble currency pair, the USD/RUB. At the end of 2014, due to the extreme volatility and illiquidity the company suspended its offering.
At the time the firm cited an “unstable price feed” and announced that trades will be suspended at least until the 12th of January. However with liquidity remaining scarce and with the Swiss National Bank event adding to the problems, the USD/RUB remained suspended.
The Russian ruble is now back on the menu and is already available to live traders. The maximum leverage on the USD/RUB pair has been set to 1:10. Trading sessions will continue to have a break as before the suspension of the instrument. The offering will not be available for trading between 20:50 and 07:00 GMT.
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The move couldn’t have come at a better time for Dukascopy traders. In today’s trading the Russian currency lost close to 5 percent.
Late Thursday, the Bank of Russia’s governor Elvira Nabiullina proclaimed that the ruble foreign exchange market has been stabilized. Since according to the views of the central bank, the currency is now closer to its fair value, the Bank of Russia could be cutting rates in the near future.
While oil prices have remained close to 16 percent higher for the month, Russian stocks denominated in U.S. dollars slumped and the yields on the Russian 10-year bond dropped to a 4-1/2 months low.