The analyst called the factors affecting the ruble exchange rate
BitRiver financial analyst Vladislav Antonov, in an interview with the Prime agency, named the factors affecting the ruble exchange rate.
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CB:
$76.6044 +0.19
€ 81.4635 +0.32
MICEX:
$77.0775 +0.02
€ 82.1600 +0.16
Source: Reuters
According to him, the Russian currency finishes the week in a small minus and this trend will continue on the next one. He noted that the ruble was under pressure amid low oil prices. “In the first half of the week, the price of Brent fell to $71.64 per barrel. Weekly losses were 13 percent. The decline in quotes was facilitated by the recovery of the US dollar due to fears of a growing banking crisis,” he said.
Antonov also added that low oil prices and a growing budget deficit will put pressure on the ruble until the end of this month.
The expert also added that in the period from March 20 to March 25, the attention of local market participants will be directed to the US Federal Reserve meeting and the banking crisis in the United States and Europe. “The banking crisis is hitting risky assets and the oil market. And the fall in oil prices has a negative impact on the Russian currency and reduces export earnings,” he stressed.
According to Antonov, sales of foreign currency by exporters will have a positive impact on the ruble. The peak of tax payments this year currently falls on March 28.
In addition, investors’ attention will be focused on the visit of Chinese President Xi Jinping. His meeting with Russian President Vladimir Putin is scheduled for March 20-22 .
The expert believes that the domestic currency does not have enough factors to strengthen. “In the new week, the weakening phase will continue. Target levels for foreign currencies remain at the levels of 80 rubles per dollar, 83 rubles per euro, 11.5 rubles per yuan.” he noted.
Earlier, the candidate of economic sciences, financial expert Vladimir Grigoriev, in an interview with Lenta.ru, shared his forecast for the exchange rate for March. He said that no major changes are expected, however, most likely, the Russians will expect a slight weakening of the national currency – up to 76-77 rubles per dollar.
