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The analyst named the reasons for the weakening of the ruble and gave him a forecast

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Anna Zaitseva, an analyst at FINAM Group (Financial Analyst Moscow), named the reasons for the weakening of the ruble and gave it a short-term forecast in an interview with Rossiyskaya Gazeta.
“In addition to the deterioration with COVID-19, the extremely unstable dynamics of oil prices had a negative impact on the ruble. During the week, the price of Brent crude oil several times dropped below $ 42 per barrel, which put pressure on the Russian currency, ”Zaitseva said.
The analyst also recalled that the EU sanctions against Russia did not have a significant impact on the ruble exchange rate, since this factor was already largely incorporated in the quotes. According to her, the EU adopted them against a “narrow circle of people”, so the sanctions did not affect Russia’s economic ties with European countries.
A noticeable stabilizing effect on the ruble exchange rate is now exerted by the currency interventions of the Bank of Russia and the Ministry of Finance, restraining its sharp weakening, the expert specified.
“As for the prospects for the Russian currency, in our opinion, until the results of the US elections are announced, the volatility of the exchange rate will remain high. Macro indicators for key economies for October will also be of great importance, since they will be used to assess the effect of new restrictive measures aimed at combating coronavirus. It should be noted, however, that these determinants are common to a wide range of risky assets, ”Zaitseva said.
According to the analyst, the ruble has every chance of strengthening in the absence of new negative geopolitical factors and relative stabilization of sentiment in global markets. She predicted that in the coming week the dollar against the ruble would remain in the range of 77 to 78.8 rubles. The euro is expected to be between 90.50 and 92.40 rubles.

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