News: Demand for dollars is growing, but the ruble is still worth – Expert

Today trading on the foreign exchange market was calm. The dollar-ruble pair was trading in the range of 53-54 for most of the day. At the same time, attempts were repeatedly made to go under the lower boundary of the emerging outset, but all of them, like yesterday, ended in failure.

Dollar trading volumes began to grow. This indicates an increase in the sale of export earnings on the eve of the end of the tax payment period by businesses. And the relative stability of the ruble in these conditions indicates an increase in demand for dollars. Probably, most of it is formed as a result of payment for import contracts.

Speculators, meanwhile, stopped supporting the “Russian”. Today, once again, the ruble was worth a couple of tens of kopecks cheaper on the forex sites than on the Moscow Exchange.

This speaks of profit taking on the ruble by speculators and their readiness to play for the depreciation of the Russian currency. Therefore, after the end of the tax period – perhaps as early as the second half of next Tuesday – we can expect a moderate depreciation of the ruble.

But while the upward trend in the ruble remains in force. The main volume of foreign exchange earnings, which must be sold to fulfill obligations to the budget, may enter the market tomorrow and on Monday.

It is also worth noting that the turnover of euro trading today was minimal since the beginning of the month, and this is evidence that “unfriendly countries” have not yet begun to transfer funds to Gazprombank in payment for gas.

So the probability of the growth of the Russian currency in the coming days up to the level of 50 rubles. per dollar is high.

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