In the near future the dollar will cost 90-91 rubles. This forecast was given to socialbites.ca by Alexander Bakhtin, investment strategist at BCS World of Investments.
“The dollar tested levels above 90 rubles on Friday. The Russian currency is depreciating moderately and this scenario was quite expected. Tax season is over. The decline in oil prices last month is starting to be reflected in the dollar-ruble exchange rate, and the public’s demand for foreign currency is increasing before the New Year. In addition, we note that the position of the dollar is strengthening – the dollar index DXY (shows the ratio of the American currency to other world currencies. – Ed.) rebounded from local lows and returned above 103 points,” noted the expert.
He explained that the impact of the strict policy of the Central Bank of the Russian Federation on the key interest rate and the forced sale of most of the export proceeds to the domestic market prevented the sharp weakening of the ruble exchange rate.
“In the near future, the dollar may find stability at the level of 90-91 rubles, but strong movements in either direction are unlikely,” Bakhtin said.
According to the Moscow Stock Exchange, the cost of the dollar at 14:07 Moscow time is 90.1053 rubles. The price of the American currency increased by 65.28 kopecks compared to Thursday’s closing level.
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Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.