The tax period ends on November 28, which could put significant pressure on the ruble exchange rate. This opinion was expressed by BCS World of Investments stock exchange expert Dmitry Babin in a conversation with socialbites.ca.
“The end of the tax period leads to a decrease in the foreign exchange supply in the foreign exchange market. The majority of exporters have already accumulated the amount of rubles necessary for financial payments. “The disappearance of this factor next week may put more serious pressure on the ruble exchange rate,” he explained.
However, Babin believes that the overall situation of the ruble exchange rate is good. He explained that this was facilitated by relatively high oil prices, as well as the strict policy of the Central Bank of the Russian Federation on the key interest rate policy, which reduced the demand for imports.
“A more stable money supply is facilitated by the recently introduced major obligations for exporters to return their export proceeds and sell them on the stock exchange,” the expert said.
In trading on the Moscow Stock Exchange on Thursday, the ruble exchange rate was initially actively strengthening, but periodically there were noticeable reversals from the next daily peak. The Russian currency lost value after the start of the main session, losing a significant part of Thursday’s gains. As of 16:36 Moscow time, the cost of the dollar is 88.4105 rubles, and the euro is 96.449 rubles.
On the Moscow Stock Exchange on Tuesday, the dollar exchange rate fell below 88 rubles for the first time since June 30, 2023, falling to 87.6858 rubles. “socialbites.ca” saidWhat could be the “bottom” for the dollar by the end of this year?
Previously the Russians harshly reduced volume of money transfers abroad.