The ruble: Reasons for growth are exhausted

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The Bank of Russia today will take a decision on the key rate. The head of VTB suggested to start a fight with the dollar in the minds of the population. The ruble is stable against the dollar and the Euro.
Today will be a meeting of the Bank of Russia, which will decide on the key rate. Most likely, the Central Bank will leave the rate unchanged to 7.5%. No reason to raise rates now is not, exactly, like and the reasons for its decline. Inflation remains within the limits previously announced by the Bank of Russia. In the Russian financial market all is quiet. Foreign markets, though, and look a little nervous, but overall there are no shocks. Therefore, it is likely that the rate will remain unchanged.
Meanwhile, the head of VTB Bank Andrey Kostin in an interview with TV channel “Russia 24” urged to fight with dollars in the minds of the population. The banker considers not normal, when the Russians expect their incomes, expenses and savings not domestic currency and in the us. However, I wonder what he thinks of money? Unlikely in rubles.
On this background the dollar exchange rate on the Moscow stock exchange is around 65 rubles 65 kopecks, the Euro traded at around 74 rubles 70 kopecks. The MICEX index dipped to 2310 points, and oil quotations of mark Brent fell to $ 76 per barrel. Bitcoins according to CoinMarketCap fell slightly below 6500 dollars.
Tax week is over. Local reasons for the strengthening of the domestic currency we do not see. The chance to decline below $ 65 in the near future is not expected. Therefore, the forecast for the purchase of dollars in the range of 65 to 66 rubles remains unchanged. We believe that in the near future there is a chance of strengthening to 67 – 68 rubles.
Gleb Zadoya,
The head of the analytical Department of the company,