The Russian ruble’s exchange rate against the dollar would grow to Rub 33.20 in the next few weeks and would remain at this mark for several quarters. This is a forecast that Yulia Tseplyaeva, director of the Center for Macroeconomic Analysis (CMA) at Sberbank, unveiled to journalists, a Banki.ru correspondent reported.
“The ruble will begin to gradually regain positions, which should bring its exchange rate closer to the equilibrium level of Rub 33.20 over the next few weeks," Tseplyaeva said. The expert noted that the ruble has weakened against the dollar by 6.6% and vs. the euro by 4.6% since the beginning of 2014.
This occurred, as Tseplyaeva thinks, due to devaluation expectations of market participants, including banks, and also Russians amid deteriorating economic conditions in the country. Furthermore, the dollar firmed on the back of upbeat economic data stateside.
“Excessive reaction of emerging markets, to which Russia is also referred, in January 2014 should turn into a correction, driving up currencies," the Sberbank expert noted, adding if oil stays at the current level, and she pins great hopes o this, the dollar will continue to trade at Rub 33.00 in the next few quarters.
