The ruble is preparing for a new fall
The Finance Ministry canceled an auction of OFZ amid “adverse market conditions”. This time, the Finance Ministry announced its decision in advance, but not as much as had been done previously, just a few minutes before the auction. The action is quite logical and justified in terms of the current decreasing value of Russian securities. The Ministry of Finance provides clear signals that do not intend to borrow at high interest rates. And the market at current rates, accordingly, are not willing to lend to the Finance Ministry.
Meanwhile, the head of the Ministry Maxim Oreshkin accused Russian exporters is the weakness of the domestic currency. The fundamental reason for such a high rate of the us dollar he does not see, and the current rate is associated with the outflow of capital, and the unwillingness of exporters to convert foreign exchange earnings into rubles.
However, you need to understand that if exporters do not hurry to part with dollars, it seems they are waiting for further weakening of the domestic currency. But in General, the concern of the Russian authorities about the current exchange rate, this is quite a positive signal to the currency section of the Moscow exchange.
Today on the MICEX the dollar gives 69 rubles 65 kopecks, the Euro is trading at 80 rubles 70 kopecks. The MICEX index rose to 2345 points, and quotes of Brent crude oil strengthened above $ 79 per barrel. Bitcoins according to CoinMarketCap fell slightly below 6300 dollars.
The situation on the Russian currency market does not substantially change. Yesterday we saw a logical correction of the dollar and the Euro against the ruble. Speculators, apparently, decided to take part received on the latest increase in profits.
The pressure on the ruble-related sanctions, turbulence in emerging markets, and capital outflows by non-residents. And the current exchange rate we are still not considered as interesting not for shopping, not for the sale of foreign currency, and believe that we need to wait for the correction to the levels of 65-66 rubles, and in the neighborhood of these values to buy the dollar in the medium term.
The head of the analytical Department of the company,