The expert recalled that the June fiscal period ended, when exporters massively sold foreign currency to pay the budget, and now the ruble has lost this support factor. Rossiyskaya Gazeta writes about this.
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“We believe that the ruble exchange rate may weaken moderately next week after the end of the June tax period. The expected trading ranges are 11.4-12.2 rubles per yuan, 84-90 rubles per dollar, 91-97 rubles per euro,” says Mikhail Vasiliev.
The Russian currency market is recovering from Western sanctions imposed on the Moscow Stock Exchange. Therefore, the expert predicts a decrease in the volatility of the ruble exchange rate in the coming weeks.
The national currency is still supported by high oil prices and a trade surplus, as well as the mandatory sale of foreign exchange earnings. There are many other factors supporting the ruble.
However, there are negative aspects, including the seasonal increase in demand for currency, increasing geopolitical and sanctions risks, capital outflows and others.
We previously wrote that BCS World of Investments expert Dmitry Babin predicted the behavior of the national currency after June 28.
Author:
Nikolai Tikhonov
Source: RB
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