During trading on the Moscow Stock Exchange, the US dollar briefly surpassed 62 rubles, marking the first such move since November 7. This observation is supported by data from the trading platform.
By 18:31 Moscow time, the dollar had climbed 0.87 percent to 62.02 rubles since the opening bell of the session. In the same window, the euro edged up about 0.9 percent to 64.98 rubles.
Around 19:20, the dollar stood at exactly 62 rubles, while the euro traded near 65 rubles.
Analysts note that December could show ruble fluctuations in the vicinity of five percent, driven in part by a widening budget deficit according to a member of the Russian Public Chamber who holds a doctorate in economics.
Earlier in the week, a chief analyst at Sovcombank suggested the current trend of dollar strength might persist, pointing to the potential for the ruble to weaken further if global conditions trigger a sustained downturn in 2023. This line of reasoning contends that external pressures could push the ruble toward 70 per dollar if the recession deepens and risk appetites waver.
Additionally, Bogdan Zvarych, a chief analyst at Banki.ru, expressed a view that the dollar could lift to around 65 rubles and remain firm into late 2022, attributing the expectation to increased demand for foreign exchange, softer energy markets, and growing investor concerns about the regional economic outlook.