November sees a spike in demand for foreign currency, driven by a long-standing habit among Russians to acquire dollars and euros during periods of market fluctuation. In a discussion on this topic, the platform Lentoy.ru spoke with Vladimir Grigoriev, a Candidate of Economic Sciences and a finance expert. He provided context for why this pattern persists, linking it to enduring attitudes toward foreign currency that have characterized much of the post-Soviet era. The dollar and the euro are perceived as more stable stores of value than the ruble, which leads many to consider foreign currencies a safer option during times of uncertainty.
Grigoriev stressed that this behavior is not a fishing expedition in a single moment but part of a broader, historical mindset. People have learned to regard the USD and EUR as reliable hedges, so the inclination to buy foreign currency often strengthens when market volatility rises and the ruble weakens. The autumn season, in particular, tends to amplify these movements, as fear of additional ruble depreciation nudges transactions, even if the market trend does not clearly demand immediate purchases.
According to the expert, this momentum is not about chasing a rising market. Rather, it reflects a cautious approach: participants may hesitate in a rising market yet still feel compelled to act when perceived risk increases. The result is a purchase pattern shaped by expectations of further ruble weakness, a phenomenon Grigoriev described as a major driver of demand during volatile periods. The overall message from him is measured: do not rush into buying foreign currency; assess the broader macroeconomic signals and your own risk tolerance before acting.
Recent developments show the US dollar regaining some ground after a period of losses, but the ruble has demonstrated strengthening momentum over recent weeks. Grigoriev notes that this trend could continue, yet it does not automatically translate into a clear buy signal for everyone. Buyers are advised to consider whether current prices represent a favorable entry point or if better levels might emerge if the ruble firm’s further strength persists. Grigoriev’s stance remains cautious: there may be cheaper opportunities ahead, so impulsive purchases should be avoided in favour of a well-considered plan informed by personal financial goals.
In another assessment, Denis Buivolov, an analyst at BCS World of Investments, weighed in on the near-term outlook. In a basic scenario, he projected that the dollar exchange rate could move within a defined corridor next week, suggesting a range roughly between 90 and 92 rubles per dollar. This forecast underlines the mixed signals in the market: while some indicators point to stability, others hint at potential volatility driven by external developments and domestic policy dynamics. Investors are urged to monitor these indicators and align their strategies with a disciplined risk management approach rather than reacting to short-lived fluctuations.
Against this backdrop, Russians have shown a sustained tendency to acquire USD and EUR, reinforcing the perception that foreign currencies are a prudent component of a diversified portfolio. The interplay between declared expectations for ruble strength and the actual pace of exchange rate movements continues to shape decisions across households and small businesses alike. Market participants are encouraged to balance the appeal of safety with the realities of inflation, interest rate expectations, and horizon-specific financial needs as they decide whether to convert currency or hold assets in rubles awaiting clearer signals.