USD/RUB pushes higher to 65.00, multi-month tops

• The Russian currency depreciates to levels last seen in November 2016.
• Sanctions, geopolitical risks accelerate the sell off in RUB.
• In the US docket, Core CPI rose 2.1% YoY, matching estimates.

Another day, another sell off in the Russian currency, this time lifting USD/RUB to the 65.00 area, levels last traded in November 2016.

USD/RUB higher on US sanctions, geopolitical risks

The pair is up for the fifth consecutive session on Wednesday, although the note of interest is the rapid and strong depreciation of the Ruble, which lost around 14% since the start of the month and is navigating its worst week since 1999.

RUB intensified the downside after the US imposed on Friday new sanctions on Russian citizens, government officials and around a dozen of Russian companies.

By proxy, RUB is suffering the threats of an imminent US military strike in Syria, Russia’s ally, adding to the downbeat sentiment.

USD/RUB levels to watch

At the moment the pair is up 2.37% at 64.52 and a break above 65.01 (high Apr.11) would aim for 65.49 (high Nov.29 2016) and finally 66.48 (high Nov.14 2016). On the other hand, the next support aligns at 59.10 (10-day sma) seconded by 58.88 (200-week sma) and then 56.74 (low Mar.22).