The expert predicted an increase in the value of the dollar by the end of the year

Currency quotes are formed based on real purchase and sale transactions that the Central Bank of the Russian Federation monitors through the system, despite the absence of an exchange. The exchange rate is not artificial and is formed under the influence of large economic agents, banks and private players. On November 18, Georgy Ostapkovich, Scientific Director of the HSE Center for Market Research, told Izvestia about this.

According to him, the current stability will be replaced by a gradual weakening of the national currency by the end of the year. It is expected that the ruble may gradually approach the level of 90 units per dollar.

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"The main factors that will put pressure on the exchange rate will be seasonal phenomena: New Year's Eve purchases of imported goods by retailers and demand for foreign currency from citizens planning foreign trips for the January holidays with non—working bank cards," he said.

Ostapkovich stressed that an accurate forecast of the exchange rate is impossible due to the high background of uncertainty, and any specific figures from analysts should be considered unfounded. However, the weakening trend of the ruble is assessed as stable, while the process will occur gradually, without sudden fluctuations, and will reach its peak at the end of this year or the beginning of next year.

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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