The ruble will not fall again

The average exchange rate of the ruble in July will most likely be 55-60 rubles/$1.

Analysts of the investment company „Solid Broker” predict that the average ruble exchange rate in the next month will be 55-60 rubles/$1. Today the exchange rate rose to 64.85 rubles per dollar, and now it is 62.41.

“In fact, the main factor determining the exchange rate of the ruble is the trade balance. And it is still heavily skewed towards exports, as prices for oil and gas products remain at a high level, while imports are still at a low level. Moreover, in July, exporters should sell currency to pay quarterly income tax and AIT, and selling pressure will remain high throughout the month.

Therefore, the current weakening of the ruble looks more like a speculative game in anticipation of a new budget rule or some other mechanism from the Russian government to maintain an optimal exchange rate. We expect an average exchange rate of about 55-60 rubles / $ 1 in the next month,” the experts write in the review.

Michael Cooper

Learn More →