Analyst Antonov said low oil prices will put pressure on the ruble until the end of March
Financial Analyst at BitRiver Vladislav Antonov in an interview with the agency “Prime” appointed factors affecting the ruble exchange rate.
According to him, the Russian currency ends the week in small negative and this trend will continue on the next one. He noted that the ruble was under pressure amid low oil prices. “During the first half of the week, the price of Brent fell to $71.64 per barrel. Weekly losses were 13%. The decline in quotations was aided by the rally in the US dollar due to fears of a growing banking crisis,” he said.
Antonov also added that low oil prices and a growing budget deficit will put pressure on the ruble until the end of this month.
The expert also added that in the period from March 20 to 25, the attention of local market players will be directed to the meeting US Federal and the banking crisis UNITED STATES and European. “The banking crisis is hitting risky assets and the oil market. And the fall in oil prices has a negative impact on the Russian currency and reduces export earnings,” he stressed.
According to Antonov, sales of foreign currencies by exporters will have a positive impact on the ruble. The peak for tax payments this year currently falls on March 28.
In addition, investors’ attention will be riveted on the visit of the President PRC Xi Jinping. His meeting with the President of Russia Vladimir Poutine scheduled for March 20-22.
The expert believes that the national currency does not have enough factors to strengthen. “In the new week, the weakening phase will continue. Target levels for foreign currencies remain at the levels of 80 rubles per dollar, 83 rubles per euro, 11.5 rubles per yuan,” he noted.
Formerly Candidate in Economics, financial expert Vladimir Grigoriev in an interview with Lenta.ru share March exchange rate forecast. He said that no major changes are expected, however, most likely, Russians will expect a slight weakening of the national currency – up to 76-77 rubles per dollar.