Unsuccessful coup in Turkey unexpectedly strengthened the ruble
The strengthening of the ruble may be associated with a coup attempt in Turkey.
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Such conclusions made by the influential business analytical agency Bloomberg.
The agency cites several traders on the Russian market who believe that due to political instability in the republic, a number of investors chose to invest in more reliable Russian assets, which led to an increase in the exchange rate.
At the same time, the main reason for the decline of major currencies against the ruble is the tax period, as well as the need to pay dividends to their shareholders, which has arisen among Russian companies. Payment of taxes and dividends to Russian shareholders is made in rubles. Accordingly, corporations exchange dollars for Russian currency, demand for it grows, and the exchange rate rises. It is expected that $8,7 billion of foreign exchange earnings will be sold during the current week, which exceeds market demand.
Let us remind you that since the beginning of the year the ruble has strengthened against the US dollar by 17 percent. In January 2016, the dollar was worth an average of 75,44 rubles. On July 18, the dollar fell by five kopecks to 63,11 rubles.
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