The dollar exchange rate in March will be in a wide range from 87 to 92 rubles. This forecast was given to socialbites.ca by Candidate of Economic Sciences, Director of the Federal Financial Literacy Methodological Center, Associate Professor, Department of Global Financial Markets and Fintech of the Russian University of Economics. GV Plekhanov Denis Perepelitsa.
“The situation on the foreign exchange market is unstable, the ruble has completed its weakening cycle and has begun to strengthen. It may strengthen to 87 rubles by the end of March, but there is a possibility that it will strengthen further. The movement of the exchange rate in the foreign exchange market can occur with corrections, a short-term weakening of the ruble and its subsequent strengthening. And it looks like this range will now be quite wide,” the economist said.
He explained that this was largely due to the high level of uncertainty in the global economy, rising inflation in the United States and the European Union, fluctuation in oil prices and the short-term impact of the tax payment period for Russian exporters.
“The ruble in March may support the tax payment period for exporters, the potential increase in oil prices and the possible depreciation of the dollar against other currencies. “The strengthening trend of the ruble may continue and it is unlikely that the ruble exchange rate will fall below 87 rubles,” Perepelitsa said.
According to the Moscow Stock Exchange, the cost of the dollar at 11:07 Moscow time is 90.9 rubles. The American currency fell by 25 kopecks compared to its closing level on Wednesday.
Alexander Bakhtin, formerly investment strategist at BCS World of Investments explained Strengthening of the ruble.