Year 2010 To Hit Dollar Hard
The events occurred concurrently with the traditional growth of liquidity in Russia in the end of the year linked to increased budget spending. As a result, there are more than enough rubles in the Russian bank system. This caused loss of interest in the Russian currency and increase in demand for the US dollar. In December, the dollar exchange rate increased to over 30 rubles for a dollar.
“Yet, the current sharp drop in the ruble exchange rate is likely temporary. Internal seasonal and external factors temporarily diverted the Russian currency exchange from the growing trend,” the experts believe.
“While the world markets are relatively stable, and cheap liquidity continues to search for profitable assets, speculative interests towards the Russian ruble will remain. Beneficial price situation in raw materials markets will facilitate the growth of the Russian currency. Further inflow of oil dollars and “hot” money in the first six months may “push” the US dollar to the level of 28 rubles for a dollar. If the Euro reaches $1.6 at Forex, the dollar may reach the range of 27.0-27.5 rubles in the Russian market. In the second half of the year the Russian ruble may find itself at the same level we currently observe, i.e. 30 rubles for a dollar,” the experts concluded.
Marina Volkova
Bigness
