The expert warned about the speculative nature of the growth of the dollar

The current strengthening of the dollar is short-term speculative and does not reflect fundamental economic conditions. Maxim Chirkov, Associate Professor of the Department of Economic Policy and Economic Measurements at GUU, expressed this opinion in an interview with Izvestia on September 9.

"There are certain expectations on the market for easing monetary policy and lowering the key interest rate, and speculators are trying to play on the potential decline of the Russian ruble. But I'm afraid that such expectations may not be very justified," Chirkov said.

The expert stressed that the Russian ruble is fundamentally undervalued, given the growth of the Russian economy and the high cost of money: tight monetary policy, high interest rates. As for the dollar, the situation is reversed — we see that quite serious inflation is starting to hit it, including from such contradictory actions of the current president Donald Trump, Chirkov noted.

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He also drew attention to the changing global role of the US currency. The dollar ceases to be a reserve currency in full. Ceases to be a reliable asset in which money is invested.

"In the long and medium term, of course, I would rather expect the Russian ruble to strengthen against the US dollar," the expert said.

Chirkov also noted that one should not succumb to the hype and buy American currency in order to make money in the current situation. According to him, given that the ruble has become a fairly strong and predictable currency over the past few years, buying dollars or other foreign currencies in order to make money does not make sense.

"The demand for the ruble in Russia and in international trade operations is certainly growing and very strongly. Fluctuations of the Russian ruble against the dollar are comparable to fluctuations of the euro against the dollar," the expert concluded.

Spartak Sobolev, Head of the Alfa-Forex Investment Strategy Research Department, told Izvestia on September 8 what the ruble exchange rate is expected to be this week. In the second week of September, price fluctuations are expected in the range of 82.50–83 rubles per dollar, 96-97.50 rubles per euro and 11.50–11.70 rubles per yuan.

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