The Russian ruble continued to weaken, reaching its lowest levels in two months amid a stock market decline, falling government bonds, and rising demand for foreign currency. Market participants cite the need to purchase imported gasoline due to the fuel crisis in Russia as one of the reasons. This is reported by The Moscow Times, UNN reports.
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According to the publication, the over-the-counter dollar exchange rate rose to 76.99 rubles — the highest level since April 13, and the euro rose to 87.59 rubles, renewing its high since May 8. Meanwhile, the exchange rate of the yuan has gained nearly 5% since the beginning of the week, marking the largest weekly increase since June 2023.
As a dealer at one of Russia’s major banks told Reuters, significant non-speculative demand for foreign currency has been observed on the foreign exchange market for several days. According to him, this is due to the activation of gasoline imports, which Russia has begun purchasing by sea for the first time due to the worsening fuel crisis. India is named as one of the possible suppliers.
BCS analyst Dmitry Babin noted that the weakening of the ruble during the tax period, when exporters traditionally sell foreign currency earnings, indicates increased demand for foreign currency.
Investment banker Yevgeny Kogan links the ruble’s decline to a possible capital outflow as well as a set of other negative factors.
The gasoline crisis, budget deficit, unclear prospects for reducing the Central Bank’s rate, the stalled peace process, and people’s psychological despair — all these factors are simultaneously impacting the market
According to his forecast, in the coming months the dollar exchange rate could rise to 84 rubles due to falling oil prices, the purchase of foreign currency by the Central Bank of Russia for the National Welfare Fund, and ongoing economic uncertainty.
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