The strengthening of the Russian currency took place in the conditions of neutral dynamics of oil prices and mixed sentiments on world markets. In the midst of such a lull, highly profitable strategies have again become in demand.
The dollar rate at the close of the exchange was 57.70 rubles. (-14 kopecks), EUR exchange rate — 68.22 rubles. (-35 kopecks). On the international foreign exchange market, the dollar strengthened slightly against the euro, reacting to statistics on wholesale prices in September. At the end of the day, the main currency pair dropped by 30 bp to $ 1.1830.
Trading on the foreign exchange market was held in favor of the ruble yesterday.
Oil prices reacted weakly to the data on the decline in US inventories, however, information from China on the growth of imports of «black gold» in September by 13% m / m may cause an increase in quotations in the coming days. Against this background, the ruble may receive support, which will be further supplemented by the entry of exporters to the market with the sale of foreign currency before the main taxes are paid on October 25.
The ruble remains dependent on global demand for high yielding assets. Taking into account the decline in inflation, real ruble rates look attractive, but the next escalation of geopolitical stories may restrain interest in the ruble.
The «Opinions» section of the PRIME Agency of Economic Information website publishes materials provided by analysts, traders and experts of Russian and foreign companies, banks, as well as the opinions of the PRIME Agency’s own experts. The opinions of the authors on this or that issue, reflected in the materials published by the Agency, may not coincide with the opinion of the editorial board of AEI «PRIME». The authors and AEI «PRIME» do not take responsibility for the actions taken on the basis of this information. With the advent of new market data, the position of the authors may change.
The opinions presented are expressed taking into account the situation at the time of the publication of the material and are for informational purposes only; they do not constitute an offer or advice on the performance of any actions and / or transactions, including the purchase or sale of securities. For all questions about placing information in the «Opinions» section, you can contact the editorial office of the agency: combroker@1prime.ru.