The ruble rose against the dollar, but for how long?
The Bank of Russia temporarily stops the intervention in the foreign exchange market. State-owned banks came under pressure in anticipation of sanctions. The ruble pared losses incurred yesterday.
The Bank of Russia considered that the exchange rate of the dollar at the level of 69 rubles is already too much and decided to suspend the purchase of foreign currency to replenish the reserves. Earlier, the Central Bank has temporarily suspended the purchase of currency, in order to implement the plan was forced in recent days to increase the volume of operations. Perhaps the idea of the Central Bank was due to the fact that now in Russia is the tax week the exporters sell the tax revenue. Probably, the team of Elvira Nabiullina assumed that under these conditions the operation of the regulator will not affect the exchange rate. However, the likely plan of the Central Bank did not work, and the Bank of Russia had to quickly announce the suspension of purchases until the end of September.
Meanwhile, under the impact is not only on the Russian foreign exchange market but also stock. The first to suffer the Russian state-owned banks. So Sberbank and VTB lost almost 20% of the capitalization for the last 3 months. This is due to the fact that the USA are planning to impose new sanctions against Russia. First of all, these sanctions affect the Russian banking sector. Of course, the first to come under attack state-owned banks.
On this background the dollar exchange rate on the Moscow stock exchange this morning, trading at 67 rubles 80 kopecks, the Euro is at the level of 78 rubles 45 kopecks. The MICEX index fell to 2265 points, and oil quotations of mark Brent has exceeded $ 75 per barrel. Bitcoins according to the website CoinMarketCap is located just above 6500 dollars.
The prudence of the Central Bank cooled the ardor of the speculators on the currency market. The ruble has virtually won back all the losses that were incurred the day before. We have previously said that those “flights” that we see on the Moscow stock exchange it is at the moment more emotions and Forex rate now looks interesting not for shopping, not for sales. We expect a correction and we believe that access to some transaction makes sense only at dips in the dollar in district 64 and 65 rubles. Open orders, of course, to buy.
The head of the analytical Department of the company,