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Russian ruble is only major global currency to rise against US dollar in September

The currencies of developed markets fell by 1-2%

MOSCOW, October 1. /TASS/. The Russian ruble became the only major global currency to strengthen against the US dollar in September, SberCIB Investment Research press service reported on Friday.

"In September, the ruble was the only major world currency that was able to strengthen against the dollar. The currencies of developed markets fell by 1-2% against it, and some currencies of emerging markets - by 5% (Brazilian real, Hungarian forint, Thai baht) and even 7% (Turkish Lira)," FX and Rates Strategist at SberCIB Investment Research Yuri Popov said.

Such strong dynamics of the ruble is associated with the Bank of Russia increasing the key rate, the inflow of foreign funds to OFZ - in September it amounted to 110 bln rubles ($1.5 bln), the expert believes.

"In October, we expect that the ruble continues to show outpacing dynamics. The Bank of Russia may raise the key rate by 50 basis points at once and exporters will pay taxes and dividends of around $24 bln - the second largest monthly payment this year after July," he added.

Popov does not rule out that the dollar could weaken globally in case of disappointing statistics on the US labor market. Then the ruble may strengthen and reach up to 71 rubles per dollar.