The expert spoke about the movement of the ruble exchange rate this week

By the end of this week, fluctuations in the dollar's exchange rates are expected in the range of 79-83.70 rubles, the euro in the range of 92-96 rubles, and the yuan is likely to trade in the range of 11-11.70 rubles. Spartak Sobolev, head of the Alfa-Forex Investment Strategy Research department, told Izvestia on November 17.

On November 17, the Central Bank of the Russian Federation set the exchange rate of the American currency at 81.1 rubles, the European currency at 95.0 rubles, and the Chinese currency at 11.4 rubles. At the same time, according to the Moscow Exchange, on November 5, the yuan is also trading at 11.3 rubles.

Exchange taste: Russia increases trade in national currencies with ASEAN countries

Instead of the dollar, Moscow is also actively using the yuan, which is increasing its weight in Southeast Asia.

"The status quo is temporarily maintained in the Russian foreign exchange market, the quotes of ruble pairs remain trapped in narrow ranges for the sixth week, which creates the prerequisites for an impending sharp movement. Rosstat's inflation data for October signaled a slowdown in price growth to 7.7% per year, which increases the likelihood of a Central Bank rate cut at the December meeting and weakens support for the ruble," Sobolev explained.

Earlier, on November 10, the Central Bank published a "Financial Market Risk Review", which reported a 7.14% increase in demand for foreign currency purchases by legal entities, amounting to 3 trillion rubles. It was noted that net purchases of foreign currency by individuals increased to 158.6 billion rubles. The Central Bank determines the increased demand by one-time factors.

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