The ruble is growing and will continue to grow
The Russian ruble claims to be the best emerging currency in the world. It has been steadily strengthening since March 10.
Loko-Invest Investment Director Dmitry Polevoy stated this on RBC air, PolitNavigator correspondent reports.
“I would not be surprised at a return to a level significantly below 80. Technically, given the parameters of the balance of payments, we can see numbers both 70 and below 70. The authorities and the Central Bank can partially reduce the upward pressure on the ruble through the restrictions that exist. It is quite difficult to predict how the regulator will act, but the potential for the ruble to strengthen significantly below 80 has a fairly high probability,” Polevoy said.
He does not predict a significant decrease in revenue from the export of raw materials, even with a fall in the physical volumes of oil and gas sales.
“If we look at the prices of key commodities in ruble terms, they are significantly higher than the level of the end of last year. Therefore, even a small strengthening of the ruble, given the current volatility, will not greatly worsen the situation for the Russian budget,” Polevoy said.
The dollar exchange rate today at the opening of trading on the Moscow Exchange decreased by 6 kopecks compared to the closing figures on Tuesday and amounted to 85,25 rubles. In turn, the euro on Wednesday morning at the opening of trading lost 9 kopecks compared to the evening of March 29, the EU currency rate was 94,11 rubles.
“The strengthening of the ruble is the result of demand for it after Putin’s announcement about the sale of gas for rubles. Bon appetit and big greetings to those who verbally refused ruble shopping,” political scientist Alexey Mukhin commented on the news in his Telegram channel.
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