The demand for foreign currency in Russia may increase due to the approach to the end of the year, when spending traditionally increases among the population and private businesses, as well as state institutions and enterprises. This forecast was given to socialbites.ca by Dmitry Babin, stock exchange expert from BCS World of Investments.
“Therefore, December and January were previously statistically the worst months in terms of the ruble exchange rate. It may be under pressure from the gradual reduction in foreign exchange supply due to the end of the tax period. The peak of financial payments occurs on November 27-28. Therefore, most likely most exporters have already sold foreign currency for these purposes,” commented the expert.
The Russian currency has been actively losing value since it began trading on the Moscow Stock Exchange on Friday, but quickly recovered almost all of the day’s losses after the start of the main session. The ruble then returned to a bearish trend and is currently trading at a moderate minus.
As of 15:59 Moscow time, the cost of the dollar is 88,877 rubles, and the euro is 97,024 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.