On Monday, the ruble strengthened against the dollar, euro and yuan to its highest values since June 2022. This was reported by Reuters.
As the publication explains. The national currency is supported by government sales of the currency and low import demand at the beginning of the year.
At 13:52 Moscow time, the dollar rate fell to 87.5 rubles, the lowest level since June 30, 2023. The euro fell to 95.68 rubles and the yuan fell to 12.12 rubles.
On January 9, the Russian Ministry of Finance started selling foreign currency instead of buying foreign currency, as export revenues from oil sales in December were below expectations. The central bank plans to sell foreign currency equivalent to 16.7 billion rubles ($190 million) daily by the end of January.
“This is a fairly large amount that will contribute to the further strengthening of the ruble,” said Alexey Antonov, Head of Alor Broker Investment Consulting.
Analysts say the exchange rate has also been positively affected by lower foreign exchange demand from importers and foreign exchange control measures in effect since October. At the same time, it is still difficult to predict the dynamics of the ruble.
previously economist guess Strengthening of the ruble this week.
Previously in Russia guess 2024 gold prices