The ruble exchange rate against the dollar began to gradually recover after the introduction of restrictions on the foreign exchange earnings of exporters. If the current trend towards a depreciation of the American currency continues, it is possible that it will be fixed at around 90 rubles per dollar. An economist and investor told Lenta.ru about this Vladimir Grigoriev.
“The exchange rate continues to show a positive trend. This is also associated with a sharp increase in the key rate by 2 points at once. Based on these events, by the end of the year the exchange rate of the domestic currency should balance within 88–90 rubles per dollar,” the economist admitted.
According to him, the aggravation of the Middle East conflict also played in favor of the Russian currency. Potentially, this could also lead to a sharp rise in oil prices, which would also have a positive impact on the ruble exchange rate.
“Government of the Russian Federation strives to maintain the exchange rate within 90 rubles per dollar. This is due to the need to fill the budget through the sale of foreign currency earnings by exporters and the approaching tax period. Considering the fact that the Russian currency directly depends on market conditions, the Government and TSB RF there are plenty of opportunities to maintain course at the level that is most appropriate at the current moment,” Grigoriev is confident.
Previously at the Central Bank explained strengthening of the ruble due to the increased volume of sales of foreign currency earnings by Russian exporters. Thus, in October, the volume of refunds to the domestic market increased to 12.5 billion from 9.2 billion in September and 7.2 billion in August.
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