By mid-September, the dollar exchange rate could rise to 93-94 rubles, the euro to 102-103 rubles, and the yuan to 13.2-13.5 rubles. He told the newspaper “News” financial analyst and trader Artem Zvezdin.
According to the Central Bank of Russia (CBRF), as of August 27, the euro was trading at 102.49 rubles, the dollar at 91.77 rubles and the yuan at around 11.7 rubles on the Moscow Exchange.
Zvezdin noted that the value of the ruble in the fall will depend on several important factors. He noted that the ongoing instability in the international arena puts pressure on the exchange rate of the national currency. In addition, the end of the traditionally high demand for foreign currency during the summer vacation period will also affect the supply-demand balance.
“By mid-September, the dollar could reach 93-94 rubles, the euro 102-103 rubles, and the yuan 13.2-13.5 rubles. At the same time, the meeting of the Central Bank of Russia will be an important factor. If the interest rate is indeed raised to 20 percent as expected, the ruble will most likely strengthen in mid- or late September, but the strengthening is unlikely to be below 89 rubles per dollar, the analyst said.
The expert also noted that, despite current fluctuations, the ruble exchange rate in the range of 85-95 rubles per dollar meets the country’s basic economic interests, including the needs of exporters and the population.
This shows that the ruble, despite fluctuations, remains in the optimal corridor, which reduces risks to long-term financial stability, the expert noted. However, according to his assessment, this corridor may change in the context of a new wave of geopolitical tensions.
In the absence of significant changes or sharp economic shocks, the ruble is expected to remain in a relatively stable range, with possible minor fluctuations due to short-term economic and seasonal factors, Zvezdin said.
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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.