MOSCOW, December 9. /TASS/. The adaptation of market players to new sanctions will lower pressure on the currency but fundamental factors will continue determining the ruble rate, the Bank of Russia said in its review.
"The change of the structure and channels of settlements for foreign trade transaction will have temporary influence on its dynamics," the Central Bank said. "Pressure on the currency market will decline as market players adapt and search for new counterparties, and the currency rate pace in the midterm will be driven by fundamental factors at the same time," it noted.
Volatility increased on the currency market in the second half of November amid new US sanctions. The ruble lost 11% against the dollar and 8.4% against the yuan over the month. "Sanctions predominantly affected the financial sector and the infrastructure of international payments, which influenced the time of export revenues receipt. Currency purchases by individual non-financial companies to repay currency liabilities also influenced the ruble pace," the Central Bank said.
The situation in the currency market stabilized in early December. The ruble edged by 7.7% against the dollar from December 1 to 7.