The Ukrainian truce strengthened the ruble
Moscow - Kyiv, June 25 (Navigator, Mikhail Stamm) - Yesterday, the dollar exchange rate in Russia fell below 34 rubles for the first time in the last five months. Bankers associate the strengthening of the Russian currency primarily with the upcoming payment of mineral extraction taxes (MET), with the rise in oil prices and with the beginning of the Ukrainian truce.
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The Central Bank set the exchange rate for Wednesday at 33,98 rubles. for 1 dollar. The American currency became cheaper than 34 rubles. for the first time since late January 2014. The ruble also strengthened against the euro yesterday. Now 1 euro costs 46,22 rubles. For the euro, this is the minimum value over the past five months.
However, despite some positive results, foreign investment in Russia has not yet returned, writes NG. The economy did not revive either. Therefore, the ruble may fall in price again. By the end of the year, experts expect the exchange rate to be 35–37 rubles. for 1 dollar
Experts generally agree that it was the upcoming payment of taxes and the beginning of the Ukrainian truce that played a positive role. The growth of the ruble was also supported by high oil prices.
“With the unstable situation in the Middle East, oil prices remain at a fairly high level, around $115 per barrel (Brent oil),” says Eduard Lushin. “This also supports the ruble and Russian financial markets.” “Another plus for today’s ruble growth is the absence of new economic sanctions against Russia,” adds financial analyst at Lionstone Investment Services Yana Trubnikova.
However, judging by the answers from experts, starting in August, the ruble will most likely begin to fall in price again. According to bankers' forecasts, within a year the dollar will again cost about 35–36 rubles, and it is possible that it will even rise further to 37 rubles. The euro will be in the range of 47,5–49 rubles throughout the year.
Ukrainian ceasefire strengthens ruble