On Friday, July 5, the ruble fell against the yuan at the start of trading and for the first time in the past week exceeded 12.08 rubles. But later the Chinese currency fell to 11.95 rubles.

“The ruble has recovered”: weekly lows for the national currency and forecast for growth of the key rate
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At the same time, the ruble was unable to strengthen at these levels and then lost almost all of its daily gains. The yuan was trading at almost 12 rubles, but it still could not reach that figure.

BCS World of Investments stock market expert Dmitry Babin says that the ruble will most likely be supported by the existing problems with imports. They are related to sanctions and geopolitics. And their essence boils down to disruptions and delays in international payments.

“This creates gaps in the demand for foreign currency. At the same time, its supply remains stable, although it has decreased due to the reduction of the norm for the mandatory sale of foreign currency earnings, as well as within the framework of the spending of the National Welfare Fund by the Bank of Russia in the second half of the year,” the expert says.

He also noted that the Russian debt market has accelerated its downward trend. The RGBI government bond index is falling and has hit a one-week low. The indicator lost about 0.7%, which is a significant drop.

The expert notes that the OFZ is under “pressure” due to the expectation that the Bank of Russia will raise the official interest rate on July 26. In addition to the rise in inflation, some signals from the Central Bank’s leadership indicate the likelihood of such events.

We previously wrote about deferred growth assets and how to invest for the future.

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Nikolai Tikhonov

Source: RB

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I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.


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