Commodities to push Russian currency higher in 2021, Saxo Bank predicts – RT Business News
The Russian ruble is currently “undervalued” and has the potential to strengthen by more than 10% against the US dollar, according to Saxo Bank investment director Steen Jakobsen.
“Trade USD / RUB [dollar/ruble] pair is relatively easy because you know where to stop: if the close was above 83 rubles per dollar for two consecutive days, then you have to exit. But for now, I would take long positions against the ruble, because in the long term, the exchange rate could strengthen to 65-66 rubles ”, Jakobsen said in an interview with RIA Novosti.
He noted that 2021 will be the “Year of the goods”, or “Russia has great capabilities which will give it an advantage.”
Also on rt.com
Russian economy does better than most countries during pandemic – Putin
The strengthening of the ruble next year was also projected by the head of the Russian bank Sberbank Herman Gref. According to him, this will happen if the geopolitical and epidemiological situation in Russia stabilizes. Gref expects a full recovery of the Russian economy by 2022.
The chairman of the Russian Chamber of Accounts and former finance minister Alexei Kudrin said earlier that the ruble exchange rate would stay close to current values until the end of 2021. He advised keeping some savings in rubles.
For more articles on economics and finance, visit the business section of RT