Under current conditions, the Russian ruble will be able to continue to grow by strengthening by approximately 2-4 rubles by the end of the year. Andrey Eshkinin, an analyst at the Alor Broker investment company, told socialbites.ca.
“We do not expect the Russian currency to weaken until the end of 2023, thanks to the high interest rate. “For the dollar-ruble currency pair, our target by the end of the year is the range of 85-87 rubles, for the euro exchange rate to enter the corridor – 92-94 rubles, and for the yuan-ruble pair, we expect a value of 11.8-12 rubles.” – Eshkinin summarized.
The expert described the regulator’s tight monetary policy, expressed in increasing the rate to 15 percent, as the main factor in the strengthening of the local currency. The analyst states that it would be useful to consider buying foreign currency if the ruble strengthens further by 5-7%.
He recommends buying dollar and euro cash because they carry minimal risk. He suggested considering the Hong Kong dollar and yuan as alternatives.
Dollar exchange rate before now fallen It fell below the 90 ruble limit for the first time since the beginning of July 2023.
Previously “socialbites.ca” saidWhen to buy foreign currency?