The dollar will appreciate next week 88.5-91.5 ruble This forecast was given to socialbites.ca by Alexander Bakhtin, investment strategist at BCS World of Investments.
“The cumulative effect of increasing the key interest rate by 200 basis points to 15% in October is helping the Russian currency. While ruble savings are becoming more attractive, demand for imports is shrinking due to rising borrowing costs. This reduces the demand for foreign currency. The second pillar of strengthening the national currency is the forced sale of most of exporters’ foreign exchange earnings. “Despite the high oil prices observed in previous months, foreign exchange inflows could have increased in mid-November,” he said.
This is true, the investment strategist added, meaning that the drop in fuel prices in November could lead to a weakening of the ruble exchange rate towards the end of the year.
“As tax season approaches next week, companies may sell additional volumes of foreign currency. This could further support the ruble, but we do not expect the same significant impact as in late October; This month the volume of tax payments is expected to be at least 15% less,” Bakhtin concluded.
At the close of trading on the Moscow Stock Exchange on Friday, the dollar rate was 90 rubles, the euro 97.82 rubles and the yuan 12,469 rubles.
Is it worth buying foreign currency now? material “Newspapers.Ru”.
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