The ruble exchange rate is strengthening as the February tax season peaks on Wednesday, but pushing the dollar to 91 rubles could create problems. This opinion was expressed by Alexander Bakhtin, investment strategist at BCS World of Investments, in a conversation with socialbites.ca.
“He can count on the national currency to recover from the peak of the February tax season; Major financial payments are being made today. In conditions of relatively low liquidity of the financial market, even a single large foreign exchange sale can affect the exchange rate locally. In general, a large part of the tax funds have already been sold by exporters, so the dynamics of the exchange rate may reverse in the near future, the dollar may quickly return to levels above 92 rubles,” Bakhtin said.
According to him, despite the strengthening of the dollar against major world currencies (DXY index returned 104 points) and the corresponding decline in oil prices, the ruble exchange rate is not falling.
According to Bakhtin, the US currency is unlikely to strengthen significantly against the ruble before this weekend. Exchange control measures, Central Bank interventions and the impact of high interest rates play a role in the Russian currency. The investment strategist added that the short-term limit of the dollar is 92.5 rubles.
According to the Moscow Stock Exchange, at 15:06 Moscow time on February 28, the dollar cost 91.8 rubles (minus 20 kopecks relative to the closing closing level on Tuesday). The minimum value of the American currency in Wednesday’s trading was 91.5 rubles, and the maximum value was 92.3 rubles.
Formerly in the State Duma spoke About the Central Bank’s key interest rate.