The possibility of weakening the ruble exchange rate in the last week of 2023 has increased: the dollar may exceed the 92.5 ruble limit. It is possible that the American currency will test values as it approaches 95 rubles per dollar. This forecast was given to socialbites.ca by BCS World of Investments analyst Denis Buivolov.
“We can see these values just before New Year’s Eve. The reason for the weakening of the ruble may be the end of the December tax period. In addition, foreign exchange demand may reach its peak for both consumers planning to go on holiday abroad and investors switching from stocks to foreign currency during the January holidays. Investors do this out of fear of serious negative consequences in foreign markets or geopolitics,” Buivolov explained.
According to him, rising rates in the economy and the forced sale of most export earnings will continue to prevent further weakening of the Russian currency. The analyst also added that the position of the ruble exchange rate may reflect the decline in oil prices in November – early December, due to which the flow of foreign currency income to the country may have decreased.
At the close of trading on the Moscow Stock Exchange on Friday, the dollar was worth 92 rubles and the euro was worth 101.7475 rubles. On Thursday, the exchange rate of the American currency exceeded 92 rubles for the first time since December 7, and the European currency exceeded 101 rubles for the first time since October 20. Why are the dollar and euro soaring and when is the best time to sell them? said “socialbites.ca”.
former financier guess Weakening of the ruble next week.