The analyst spoke about the prospects of the ruble exchange rate this week

The Russian currency has completed a period of local strengthening, stopping near the lower limit of the September range: 80 rubles per dollar, 94 rubles per euro and 11.20 rubles per yuan. Spartak Sobolev, head of the Alfa-Forex Investment Strategy Research department, told Izvestia on October 6.

On October 4, the Central Bank of the Russian Federation set the exchange rate of the American currency at 81.8 rubles, the European currency at 96 rubles, and the Chinese currency at 11.4 rubles. At the same time, according to the Moscow Exchange, on October 6, the yuan is trading at 11.5 rubles.

"Demand for foreign currency is gradually recovering after large export sales at the end of the third quarter. The pressure on the ruble is being brought back by the aggravation of geopolitical factors and the deterioration of the business environment in the economy — the purchasing managers' index (PMI) for the services sector in September fell below the 50-point mark, to 47 points. The upper trading boundary of the week for ruble pairs is the levels of 85 rubles per dollar, 99 rubles per euro and 12 rubles per yuan," Sobolev concluded.

Rate up: the dollar rose above 85 rubles for the first time since April

This is happening against the background of the risks of new anti-Russian sanctions and a possible reduction in the key interest rate.

On October 4, Alexander Schneiderman, head of Alfa-Forex's customer support and sales department, said that the ruble has been demonstrating stability in recent days due to the tax period, the weakness of the dollar and expectations of the Bank of Russia's key rate decisions. The base scenario for October 24 assumes that the rate will remain at 17%, which supports the exchange rate of the national currency.

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