Experts Forecast Exchange Rate Within 29.41-29.48 Rubles Per Dollar

The dynamics of the currency market has not changed: attempts to slowly raise the dollar rate are continuing, because ruble resources on the inter-bank market remain to some extent available for buying foreign currency, although the interest rates reached 6-8% on the inter-bank market today. Banking experts gave this opinion in an interview with RBC today, commenting on the results of the morning currency trade session. At the same time, the experts pointed out that the trade volumes at the Unified Trading Session (ETS) and on SELT are still rather low, which possibly means that traders are rather unwilling to speculate on a rise in the dollar rate, because they do not have a clear understanding of the future prospects of the market. According to the experts, the market is expecting an increase in the exchange rate to the levels of 29.41-29.48 rubles per dollar, but it is not yet clear whether or not these forecasts will prove true. The experts pointed out that market participants now have to be very careful. In their view, in the short term, the dollar rate will continue to gradually change within the range of 29.41-29.48 rubles per dollar, and a rise in the exchange rate to the 29.50 rubles per dollar level will not take place now, because, except for the substantial ruble balance, market participants currently have no serious reasons to resume attempts to speculate for a rise, the experts underscored. In other words, on the currency market, a lot will depend on the position of the Finance Ministry and its plans for establishing a reserve currency fund now more than ever before, the experts concluded.

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