Next week the dollar rate will be 88.5-91.5 rubles. This forecast was given to socialbites.ca by BCS World of Investments analyst Denis Buivolov.
“The balance of factors has developed in such a way that strong fluctuations of the ruble exchange rate against the dollar in the short term, either up or down, are unlikely. By Friday, the Russian currency had lost a number of positions, but this was predictable given the end of the tax season and the dollar’s drive to strengthen itself in the global foreign exchange market, the analyst said.
According to him, the oil market is “digesting” OPEC+’s decision regarding quotas and cuts. Buivolov suggested that after a reassessment of the actions and intentions of the alliance, it is quite possible that oil prices will approach $ 85 per barrel of Brent under the influence of the next aggravation of the conflict in the Middle East.
“This, together with the impact of the Central Bank’s strict policy on the key interest rate and the forced sale of most export earnings to the domestic market, will support the ruble exchange rate. “At the same time, the gradual revival of the population’s seasonal demand for foreign currency before the holidays and the high government spending typical of the end of the year may begin to put pressure on the ruble.”
At the close of trading on the Moscow Stock Exchange on Friday, the dollar rate was 90.4075 rubles and the euro was 97.9525 rubles. What will happen to American and European exchange rates in December and when is the best time to stock up on them for the New Year holidays? material “Newspapers.Ru”.
Previous Analyst guess Russians’ demand for foreign currency increased until mid-December.
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.