A moderate weakening of the ruble is more likely next week: the dollar will cost 90-91 rubles, and the euro will cost 97.5-98.5 rubles. This forecast was given to socialbites.ca by Alexander Bakhtin, investment strategist at BCS World of Investments.
“The end of the tax period contributed to the dollar exchange rate approaching 90 rubles. This mark may be surpassed this week. The expert noted that the tax period is not the only domestic factor that has helped the ruble strengthen recently.
He explained: As the difficulties arising from the risks of secondary sanctions are resolved in foreign banks servicing Russian import transactions, the demand for foreign currency from importers will intensify. Bakhtin believes that the revival of foreign exchange demand in the coming weeks will increase the pressure on the ruble.
The expert noted that the ruble is basically protected from a deeper recession thanks to relatively high oil prices, tight monetary policy, standards for the return of export revenues and daily interventions of the Central Bank.
At the close of trading on the Moscow Stock Exchange on May 29, the dollar rate was 89.51 rubles and the euro was 96.75 rubles. Since the morning of May 30, the American currency is 89.57 rubles, the European currency is 96.69 rubles.
Russians before in the name dollar depreciation limit
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Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.