ST. PETERSBURG, July 6. /TASS/. Foreign trade dynamics largely defines the moves of the ruble’s exchange rate now, Central Bank Governor Elvira Nabiullina said on Thursday, adding that the floating rate is a blessing for the economy, while attempts to influence it carry devaluation risks.

"The exchange rate dynamics is also largely driven by foreign trade. If we compare the positive current account in the first quarter of this year it fell five-fold compared with last year’s peak level. So the floating rate changes under the influence of foreign trade, but the floating rate is a blessing that enables the economy to absorb external shocks more easily," she said, adding that the attempts to influence the floating rate result in "periods of deep devaluation."

The dollar exchange rate rose above 93 rubles on Moscow Exchange on Thursday for the first time since March 28, 2022, while the euro exchange rate surpassed 102 rubles also first since the end of March 2022.