[NEWS] The dollar exchange rate on the Moscow Exchange fell below 60 rubles

Today The dollar exchange rate during currency trading on the Moscow Exchange fell below 60 rubles for the first time since August 31, 2022, according to trading data. As of 11:27 a.m., the dollar exchange rate was declining by 0.46%, to 59.96 rubles.

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By 11:31 a.m., the dollar on the Moscow Exchange slowed down the decline to 0.39% and was at the level of 60 rubles. At the same time, the euro exchange rate was 60.75 rubles (-0.09%).

Earlier, Oleg Syrovatkin, a leading analyst at the Global Research Department at Otkritie Investments, predicted that the ruble exchange rate would be determined by the dynamics of Russia’s balance of payments and the launch of a modified budget rule. According to him, the position of the ruble is also weakening due to repair work on the Nord Stream pipeline and restrictions on the movement of capital by the Bank of Russia.

In turn, the chief analyst of the financial supermarket “Banki.ru” Bogdan Zvarich said that the weakening of the ruble is expected in the medium term. According to him, the ruble-dollar pair will return to the range of 70–75 rubles by the end of 2022, which will be facilitated by a recovery in foreign currency purchases under the budget rule, an increase in demand for foreign currency from importers, and a reduction in supply from exporters, which may be caused by a deterioration in situations in the commodity markets.