Named the dollar, which is better than the American

Last week, the ruble again demonstrates growth and, first of all, this is due to a decrease in the activity of speculators in the market. Exporters are trying to sell the accumulated foreign exchange earnings at a more favorable rate, thereby provoking the strengthening of the ruble . By the end of the year, the „American” will win back its positions, but investors should still look for an alternative, Yegor Zhilnikov, chief analyst at PJSC Promsvyazbank, told the Prime agency.

„This week, there were also no signals from the government about overcoming the overly strong ruble, which is why the growth of the national currency is not limited,” the expert believes.

He noted that the local position of the dollar was supported by a noticeable correction in oil prices, as well as unexpectedly accelerating US inflation.

According to Zhilnikov, in the short term (until the end of July), the strength of the national currency will remain, and the dollar-ruble pair may fall below 55 rubles per dollar.

„But this is likely to be temporary,” the expert said. The imminent intervention of the state and the recovering imports into the country allow, in his opinion, to rely on the higher positions of the American currency.

„The comfortable dollar rate for the Russian budget is above 70 rubles per dollar, so by the end of the year the dollar rate may well move into the range of 75-80 rubles,” Zhilnikov believes.

He advises investors to pay attention to the Hong Kong dollar as an investment object in view of the possible growth in demand for instruments circulating on the Hong Kong stock exchange.

Michael Cooper

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