After the end of the tax period in Russia – January 29, 2024 – the dollar rate can reach 90 rubles. This forecast was given to socialbites.ca by Dmitry Babin, stock exchange expert from BCS World of Investments.
“The approaching peak of tax payments by exporters, which often leads to a noticeable strengthening of the ruble exchange rate, cannot yet cause a sustainable positive trend. This raises the possibility of a new wave of weakening of the Russian currency after the end of the tax period. The ruble recovered quickly after a negative opening but again failed to maintain a moderate positivity,” the financier explained.
Shortly before the start of the main session, the ruble exchange rate entered a downward trend, updating its daily minimum and is currently trading with slight losses in the double currency basket. According to the Moscow Stock Exchange, the cost of the dollar at 15:32 Moscow time is 88.71 rubles, while the euro is 96.8 rubles.
The dollar exchange rate will gradually strengthen next month, aforementioned “To the newspaper. Ru” Management Company PSB General Manager for Investments Nikolay Ryaskov. According to him, due to the sale of dollars in Russia, the price of the American currency may rise up to 90 rubles. The expert assessed that if the exchange rate remains below this level for a long time, the program for the compulsory sale of exporters’ foreign currency earnings can be adjusted.
Previously on “BCS” acceptedIt was stated that Russian authorities may extend the foreign exchange sales period until the end of 2024 by reducing the mandatory threshold for repatriation of revenues for exporters from 90% to 50-70%.