Exchange Rate Not Likely To Surpass RUR/USD 29.7 This Month

The official dollar exchange rate is not expected to surpass a level of 29.7 rubles at unified trading sessions until the end of this month. A rise in the dollar rate that was observed on the Russian currency market last week is close to an end and judging from the trading on Friday, October 26, a downward correction will start soon. In other words, the dollar is forecasted to stabilize at a level of 29.61 or 29.62 rubles. Analysts noted that market participants estimate the current prices for the dollar as too high despite excessive ruble resources and a 5 per cent ruble credit rate. At the same time, specialists noted that the situation will depend on the ruble liquidity of the past few days of October. In any case, no sharp changes are expected in the dollar rate. Traders believe that the Central Bank will continue restraining the dollar exchange rate within the range of 29.69-29.7 rubles in the near future and the situation on the Russian currency market will remain quiet for a long time.