There is a possibility that short-term dollar quotes will reach 113 rubles per dollar in the second half of the year, Yaroslav Ostrovsky, a specialist in the strategic research department of Total Research, reported in Rossiyskaya Gazeta on April 28.
According to the expert, the observed strengthening of the ruble is probably due to exporters selling their profits in foreign currency to pay taxes.
“At the same time, the ruble could strengthen to the level of 91.5 per dollar”, says Ostrovsky. In his opinion, the extension of the Decree on the repatriation of foreign currency earnings could become a limiting factor for the growth of the dollar.
He clarified that the depreciation of the ruble can be used to reduce the budget deficit, and the demand for foreign currency still persists due to the interest of foreign companies leaving Russia.
“Therefore, we can assume that in the second half of the year, due to increasing volatility in the foreign exchange market, there is a possibility that short-term quotes will reach 113 rubles per dollar.”says a financial expert.
Please note that since April 18, the dollar exchange rate has decreased from 94.32 rubles to 91.78 rubles.
Source: Rossa Primavera
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