On Tuesday, the Moscow Stock Exchange saw sharp fluctuations in the ruble exchange rate amid speculative price growth. This opinion was expressed by Finam Financial Group analyst Alexander Potavin in a conversation with socialbites.ca.
“Since the jump in the ruble exchange rate was very short, this was just a speculative price increase. The expert noted that imminent buy stop orders are likely triggered when dollar prices begin to rise.
He notes that the rate returned to its previous level within a few minutes, so there is no need to go into the question of why this price increase occurred.
“Due to sanctions, the Central Bank of Russia cannot react quickly to rapid fluctuations in the ruble exchange rate. Such jumps can only be offset by large state banks until an agreement is reached with the regulator, Potavin said.
At 17:06 Moscow time on January 16, the euro rate fell sharply below 95 rubles, and then increased by 4.06%, reaching 98.54 rubles. At the same time, the dollar rose to 92.86 rubles, but soon fell to 88.8 rubles.
According to the expert, if the decline in the ruble continues, this may be associated with rumors about the situation of the head of the Central Bank, Elvira Nabiullina. However, officials assured him that he was fine.
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