According to him, the Russian currency continues to be in strong technical oversold against the Euro. Thus, the negative factor of the repatriation by non-residents annual dividends of Russian companies in the last week has exhausted itself, says Bushuev. A couple of “dollar-ruble” in the last days is in the short range 73-75 and 76 are strong quarterly resistance levels, the analyst says.
the ruble, starting Friday, will feel increased pressure in connection with decrease in sales of foreign currency by the Finance Ministry in August, according to a review of the Bank “Saint-Petersburg”. The Agency will reduce the volume of transactions to 64.9 billion rubles per month, or 3.1 billion rubles a day, which is almost twice less than in July. Combined with a seasonal decline in the current account of the balance of payments, it limits the possibilities of strengthening of the Russian currency, so medium-term view on the exchange rate remains negative, can be expected to weaken to 75 rubles per dollar, according to analysts of the Bank.
But the ability of the ruble to be adjusted in the one and in the other direction may cause the rate to 71.5 rubles per dollar in late September, and 70 rubles per dollar by year-end, projected in the review of ROSBANK. Thus in the coming days and weeks it is possible a new round of weakening under the influence of external factors (for example, news background for coronavirus) and local (weak flow on the conversion of currency from exporters), analysts say the Bank.
