The Russian currency on Friday once again collapsed against the dollar and the euro, which in the course of trading exceeded the level, respectively, of 96 rubles and 106 rubles. At the same time, Russian stock indices showed negative dynamics. This is evidenced by the trading data of the Moscow Exchange.
At 18:59 Moscow time, the dollar exchange rate with “tomorrow” settlements amounted to 95.69 rubles, which is 70 kopecks higher than the closing level of the previous auction. At this time, the euro has risen in price by 2.38 rubles – the rate has stopped at the position of 106.61 rubles.
In the course of trading on the Moscow Exchange, 23.9 thousand transactions with the dollar for 1.2 billion dollars and 8.9 thousand transactions with the euro for 347.8 million euros were carried out. The exchange rate ranges were 94.2-96.29 rubles per dollar and 103.16-106.06 rubles per euro.
“Key factors continue to put pressure on the ruble. First of all, this is an insufficient supply of foreign currency, caused by a reduction in export earnings due to sanctions restrictions, geopolitics, as well as Russia’s voluntary reduction in oil exports to support world prices. At the same time, the demand for the currency remains high both from the side of recovered imports and from Russian individuals and non-residents withdrawing funds from the country, who are withdrawing from their assets in the Russian Federation. So far, the improvement in the commodity market has not been able to significantly reduce the imbalance in the domestic foreign exchange market,” believes Dmitry Babin, an expert on the stock market at BCS Mir Investments.
“The market is repeating the scenario of late June – early July, when, in the face of low exchange liquidity and the lack of supply of foreign exchange earnings, increased demand for the currency of a number of large players sharply weakened the position of the Russian currency. It should be noted that in the summer months, additional demand for foreign currency is also actively presented by the population. At this stage, the Russian currency can only hope that at the beginning of next week the demand for the currency at the achieved levels will be satisfied. In this case, we expect the dollar to correct below 94 rubles (towards the July peak),” said Yury Kravchenko, head of the banking and money market analysis department at Veles Capital Investment Company.
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On the stock market, the Moscow Exchange index at 18:50 fell by 1.76% compared to the previous close and amounted to 3,092.44 points. The RTS index fell by 2.95% and amounted to 1,015.74 points.
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2023-08-04 16:42:00
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