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Exchange rate gets over 39 rubles to 1 US dollar on Moscow Exchange

September 26, 2014, 16:59 UTC+3 MOSCOW
This is the first time throughout the history of trading on the Moscow Exchange that the rate climbs above the 39 rubles mark
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© ITAR-TASS/Mikhail Dzhaparidze

MOSCOW, September 26. /ITAR-TASS/. US dollar gained another 60 kopecks versus the Russian ruble on the Moscow Exchange on Friday and traded at around 39.10 rubles to the dollar at 3.30pm Moscow Standard Time.

The previous historic maximum of 38.93 rubles to the dollar was registered on September 16.

This is the first time throughout the history of trading on the Moscow Exchange that the rate climbs above the 39 rubles mark.

The dollar has gone up by 6.3 rubles since the beginning of the year. The Russian currency continues experiencing the pressure of low international prices for crude oil and Thursday’s ruling of the Moscow City Court to leave the CEO of AFK Sistema corporation under house arrest, believes Ivan Kopeikin, an analyst at the BKS financial group.

“The dollar’s upward trend, which we have seen over the past several months, is taking place on the background of expectations for forthcoming folding of stimulation measures and hiking of rates in this country,” he said.

“A downward correction is clearly in the offing but on the whole the dollar’s exchange rate will remain somewhat overblown,” Kopeikin said.

Along with it, BKS analysts say a strengthening of the ruble over the short term looks quite promising and the exchange rage still has a chance of going down to the 38.0 rubles to the dollar mark.

“Overblown sales that formed during the months of tensions in Ukraine and Western sanctions against Russia may start shrinking over time, as soon as the signs appear that no further sanctions are expected and the current sanctions will be revised in the future,” Ivan Kopeikin said. “The tough monetary and lending policy conducted by the Central Bank of Russia also plays into the hands of the national currency.”

“Since no large repayments of foreign debts are scheduled for the next few months, the demand for the US dollars may shrink somewhat,” Kopeikin said.

The dollar’s growth on the market is overestimated right now, Vladimir Pantyushin, the senior strategist at Sberbank said.

Minister of Economic Development and Trade Alexey Ulyukayev said the ministry expected a consolidation of the ruble’s positions at some moment in the future but he did not specify the timing of that moment.

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