The euro exchange rate against the ruble reached the mark of 80 rubles on February 15, largely due to the weakening of the Russian currency, which occurred against the background of the fact that investors predict a change in the balance of supply and demand in the foreign exchange market, vice president of the Borsell analytical company told Izvestia » Olga Veretennikova.
As the expert clarified, a change in the balance of supply and demand is expected due to the fact that as imports grow and the volume of foreign exchange earnings decreases in Russia, the need for foreign currency will grow.
“Currently, there is a change in the structure of the trade balance, foreign exchange transactions of exporters and importers, that is, the demand for currency remains. The main need of importers is associated with dollars and partly with euros. However, due to the fact that the ruble is no longer a freely convertible currency, the pressure of importers leads to the fact that the exchange rate is growing,” Veretennikova explained.
According to the analyst’s forecast, the euro exchange rate against the ruble will probably not change significantly until the end of February.
“Even more likely (the euro exchange rate. – Ed.) Will slightly weaken to the range of 76-78 rubles per € 1, as preparations are expected for the peak of tax payments, respectively, exporters will increase the supply of foreign currency on the market, which will support the ruble exchange rate,” Veretennikova said, adding that fewer trading days due to the February holidays will most likely also play in favor of the national currency.
Earlier that day, the euro exchange rate on the Moscow Exchange rose above 80 rubles for the first time since April 25, 2022. As of 17:37 Moscow time, the euro fell to 79.5 rubles.
As reported on January 28, according to the Izvestia consensus forecast, by the end of the first quarter, the dollar will trade in the range of 68.2-71.8 rubles, the euro – 75-82 rubles, and the yuan – 10.3-11.2 rubles. .
In May 2022, the CBS television channel named the ruble the most efficient currency in the world in 2022.
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