Analyst Syrovatkin predicts the ruble will strengthen in the coming weeks
MOSCOW, January 3 – RIA Novosti. The significant weakening of the ruble in December last year will be replaced by a strengthening in January, said Otkritie Investments Global Research Department Principal Analyst Oleg Syrovatkin to the Prime Minister.
He reminded that the dollar, euro and yuan strengthened much stronger than expected against the ruble and closed the year. “This situation creates preconditions for the Russian currency to strengthen in the region of 68 rubles per dollar in the coming weeks,” the analyst expects.
This will be due to the decrease in importers’ foreign exchange demand, which was usual at the beginning of the year, as well as the possible increase in exporters’ foreign exchange sales. Throughout the year, Syrovatkin expects to maintain a trade surplus and offset the budget deficit primarily through growth of the NWF and domestic debt rather than devaluation. This will result in the ruble not experiencing significant fluctuations until the end of 2023 and ending with some weakening.
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