Currency market may stay calm for another several days

The dollar rates of RUR31.50-31.58 per dollar are not strategic levels, but both the market and the Central Bank have chosen to stabilize the exchange rate there, which resulted in the firmness of the rate within this range. In other words, the rate may remain close to the lower limit of that range for several more days, and later it may change within the range of RUR31.55-31.65 per dollar. Experts voiced this opinion in an interview with RBC, commenting on the course of currency trading at the Unified Trading Session and on SELT at MICEX. As for the position of the exporters, the present exchange rate levels seem to remain attractive to them, and there are actively selling funds not only to the Central Bank directly, but also on the currency market via authorized banks. The sideways trend is likely to continue on the currency market during the next few days until traders feel that the Central Bank is ready to 'move' its rates upward or downward, and only after that they may make an active move. Traders will not act against the Central Bank at this stage, since it is clear that it has substantial power and funds to contain the exchange rate. Possibly, they will take a wait-and-see approach and will thoroughly monitor the Central Bank's actions. The trade volumes will be close to the normal level at the Unified Trading Session before the end of the week. They are likely to reach about $60-70m, which is normal in the present conditions.

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