The Russian ruble is the only major global currency to rise against the US dollar in September – Business & Economy
MOSCOW, October 1. / TASS /. The Russian ruble became the only major global currency to strengthen against the US dollar in September, the SberCIB Investment Research news service reported on Friday.
“In September, the ruble was the only major global currency that was able to strengthen against the dollar. Developed market currencies fell 1-2% against it, and some emerging market currencies – by 5% (real Brazilian, forint, Thai baht) and even 7% (Turkish lira), “said Yuri Popov, currency and rates strategist at SberCIB Investment Research.
Such dynamics of the ruble are associated with the increase in the key rate of the Bank of Russia, the inflow of foreign funds to OFZ – in September it amounted to 110 billion rubles ($ 1.5 billion) , according to the expert.
“In October, we expect the ruble to continue showing superior momentum. The Bank of Russia could raise the policy rate by 50 basis points at a time and exporters will pay taxes and dividends of around $ 24 billion. of dollars – the second largest monthly payment this year after July, ”he added.
Popov does not rule out that the dollar may weaken overall in the event of disappointing statistics on the US labor market. Then the ruble can strengthen and reach up to 71 rubles per dollar.