The dollar rose to 86 rubles amid expectations that the Russian Ministry of Finance would buy foreign currency
The dollar exchange rate in Russia rose to 86 rubles on the morning of October 6, while the Russian currency hovered near a new four-week low. The ruble is under pressure due to expectations of a large-scale increase in foreign currency purchases by the Russian Ministry of Finance under the budget rule.
The new round of currency purchases is set to begin on October 7. An additional factor putting pressure on the ruble is the seasonality at the beginning of the calendar month, which is unfavorable for the currency.
At the same time, high oil prices continue to support the Russian currency. Against this backdrop, market participants expect an increase in foreign exchange earnings from exports over the coming weeks.
The additional inflow of foreign exchange earnings is expected to partially offset the pressure from the Russian Ministry of Finance’s interventions.
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