Alexei Antonov, a market analyst at Allure Brokerage, explained, “If the Russian Finance Minister’s expectations regarding an increase in tax revenues from energy companies during October are proven, oil companies will resort to significantly increasing their sales of foreign currencies to settle tax payments.”
Antonov added that oil exporters may not postpone foreign currency sales until taxes are due at the end of the month, which makes it likely that the value of the ruble will begin to recover this week.
Currency movements
The US dollar rose against the ruble by 1.04 percent to 101.2674 rubles, by 13:27 GMT, bringing the ruble to its lowest levels since March 2022.
The euro also rose against the ruble by 1.71 percent to 107.314 rubles.
#ruble #declines #dollar #lowest #levels #months