Analyst Milchakova: the ruble is getting cheaper, despite the positive news for it
The continued depreciation of the ruble so far occurs despite good news – a number of factors that theoretically should work in favor of its strengthening. This is stated in the commentary of Freedom Finance Global leading analyst Natalya Milchakova, which Lenta.ru reviewed.
First of all, we are talking about the dynamics of the cost of oil, which has risen sharply in recent days; the ruble could also be helped by the decision of the Ministry of Finance of the Russian Federation to reduce currency purchases according to the budget rule by 2.6 times compared to last month to 3.1 billion rubles per day.
The expert explained that in September, currency purchases increased sevenfold compared to August, so the October reduction does not look significant against this background. Also, according to her, it is possible that the decision to reduce mandatory sales of foreign currency earnings began to have a negative impact on the foreign exchange market.
“In our opinion, in the second half of October the ruble may begin to strengthen again after the publication of data on inflation dynamics in Russia for September,” Milchakova said. According to her assessment, by the end of this week the dollar may fluctuate between 95-98 rubles, the euro – from 104 to 107 rubles.
Earlier on Monday, the Bank of Russia raised the official dollar and euro rates above 96 and 105 rubles, respectively.
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