2023-11-15 10:43:00
Moscow. 15th of November. INTERFAX.RU – The ruble continues to strengthen on Wednesday on the Moscow Exchange. The dollar exchange rate dropped below 89 rubles for the first time since July 4, the euro is trading below 97 rubles for the first time since July 5, and the Chinese yuan is falling in price to 12 rubles.
At 1:39 p.m., the dollar fell by 1.62 rubles to 88.98 rubles. At the same time, the euro depreciated by 1.44 rubles, to 96.69 rubles. The bi-currency basket ($0.55 and 0.45 euros) became cheaper by 1.54 rubles to 92.45 rubles. The yuan fell in price by 19.6 kopecks – to 12.27 rubles.
As Mikhail Zeltser, an expert on the stock market at BCS World of Investments, told Interfax, the ruble exchange rate reached the fundamental level of 90 per dollar in the morning, but later strengthened to 89 per dollar, so now it is assessed minimally fairly.
“Purely technically, there was psychological support for 90 rubles/$1: some players decided to close their short positions, while others decided to play for a rebound upward. And this helped to slightly slow down the rate of decline of the dollar. But we also need to take into account the volatility of the exchange rate and current fundamental inputs. Central Bank maintains a rigid monetary exchange rate, which reduces demand for currency, and the introduced standards for the repatriation of exporters’ earnings from abroad increase supply on the stock exchange. And in such an environment of high supply and low demand for currency, the ruble is strengthening. Taking into account volatility, we assumed that following some hesitation at 90 rubles/$1, a temporary but emotional breakthrough of the bar downward cannot be ruled out,” says Zeltser.
Earlier, analysts cited the mandatory sale of foreign currency earnings by exporters as the main reason for the strengthening of the ruble.
The presidential decree on the mandatory sale of part of foreign currency earnings by exporters until April 2024 was issued on October 11, it contains a list of companies subject to it, but the document is classified as DSP and is not published.
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