The expert spoke about the stability in the foreign exchange market in the first half of August

The Russian foreign exchange market remains stable in the first half of August. Spartak Sobolev, Head of Alfa-Forex's Research and Investment Strategies department, told Izvestia about this on August 11.

"The first half of August demonstrates stability in the Russian foreign exchange market. Today, the focus of its participants is mainly shifted towards external factors, in particular, the expectation of a meeting between the presidents of Russia and the United States on August 15," the expert said.

On August 9, the Central Bank of the Russian Federation set the exchange rate of the American currency at 79.7 rubles, the European currency at 92.8 rubles, and the Chinese currency at 11.0 rubles. At the same time, according to the Moscow Exchange, on August 11, the yuan is trading at 11.0 rubles.

Sobolev added that until mid–August, dollar quotes against the background of low trading activity are likely to continue to consolidate within the trading range of 78.50-80.50 rubles. During this week, the euro will remain in the range of 91-94 rubles, while the yuan will trade in the range of 10.90–11.30.

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Sobolev told Izvestia on August 5 that fluctuations in foreign exchange rates in the second week of August would be in the range of 78-82 rubles per dollar, 89-94 rubles per euro and 10.8–11.4 rubles per yuan. According to Sobolev, the noticeable weakening of the ruble at the end of July probably attracted the attention of exporters, who sold their accumulated revenue at more favorable price levels.

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