Koltso Urala: Ruble to grow stronger in October

5 October 2015 (09:08)

UrBC, Yekaterinburg, October 5, 2015. The Russian national currency is expected to grow a bit stronger in October, says Bank Koltso Urala's Foreign Currency Transactions Director Igor Nesterovitch.

According to Nesterovitch, stable oil prices and not having to make large foreign debt repayments will serve as supporting factors.

'Oil prices might get stabilized at $50 to $55 for a while, which will make a positive impact on our national currency. If prices stop at over $50, the ruble exchange rate is likely to fluctuate between 62 and 66 RUR per US dollar and between 69 and 74 RUR per euro,' he says.

For this reason, Nesterovitch feels it's better to wait till the exchange rate reaches 62 to 63 RUR per US dollar before buying any foreign currency.

Oil is expected to grow more expensive in October due to smaller production output and the shrinking number of US-based oil rigs. Overall, the Chinese economy seems, to a degree, less weak and worrying now than before. Ruble, in its turn, has not been reacting very noticeably to Russia getting involved in the Syrian conflict.

Dollars are still enjoying good demand in September and October: up to 80% of customers coming to Russian banks go for US dollars, while the remaining 20% invest in euros.

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