OREANDA-NEWS. The dollar has fallen below ₽75, trading data from the Moscow Exchange showed. The dollar-ruble pair was down 80 kopecks to ₽74.94 per dollar as of 10:57 Moscow time, down 1.1 per cent from the previous trading close. The previous time the US currency was worth less than ₽75 on the fourth of January this year.

The ruble is also strengthening against the euro, which has fallen below ₽85.

The Russian currency appreciated amid stabilisation in Kazakhstan. On January 6 - after the outbreak of turmoil in the neighbouring country with Russia - the dollar/ruble exchange rate rose to ₽77.34.

The Russian currency was also supported by the positive situation on the oil market. The cost of futures on Brent oil with delivery in March on London stock exchange ICE increased by 0.5% - up to $82 per barrel. The market was supported by adjustments to 2022 market forecasts from OPEC+, as well as falling crude production in Libya and Kazakhstan.

The recovery in demand for risky assets is also helping the Russian currency, said Egor Zhilnikov, chief analyst at Promsvyazbank's Economic and Sector Analysis Department. This provides an opportunity for the return of the Russian currency against the dollar to more reasonable from a fundamental point of view levels, the expert believes. According to Egor Zhilnikov, in case of progress at today's talks between Russian and US representatives on security issues in Geneva, as well as Russia and NATO on January 12, a steady return of the dollar exchange rate to the range of ₽73-75 is possible.

The ruble's growth still looks weak after the strong sell-offs of late last year/early this year, especially since the "Kazakhstan risk", which caused the bulk of the Russian currency's fall, has come to naught, said Alexei Antonov, chief analyst at Alor Broker. The positive results of Russia-US and Russia-NATO meetings may eliminate political risks, the expert believes. According to his forecasts, if no new negative factors appear this week, the dollar exchange rate may go below ₽74.7.

Rosbank analysts believe that the impact of "sharp" news on the dynamics of the ruble and ruble assets has gone down. Nevertheless, the bank experts forecast volatile movement of the dollar in the range of ₽75-76 and the euro in the corridor of ₽85-86 in the coming days in anticipation of news regarding geopolitical issues.