The dollar exchange rate exceeded 99 rubles for the first time since mid-August
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The dollar exchange rate during trading on the Moscow Exchange exceeded 99 rubles, as follows from the trading platform data.
As of 14:30 Moscow time, the dollar rose to 99.05 rubles. (+1.11%), which was the maximum since August 15. The euro rose to 104.26 rubles. (+0.88%).
The Bank of Russia has repeatedly said that they see the main reason for the weakening of the national currency as a decrease in exports of goods in value terms (associated with a decrease in both prices and volumes) with a simultaneous restoration of imports. On August 15, the Central Bank raised the key rate by 3.5 percentage points to 12%. The reason was increased inflationary pressure and inflationary expectations, which are pressured by exchange rate dynamics. On September 15, the regulator raised the key rate by 1 percentage point to 13%.
Central Bank Chairman Elvira Nabiullina later admitted that the regulator’s increase in the key rate has not yet had a tangible effect on the ruble, however, in her opinion, if the rate had remained at 7.5-8.5%, the rate would now be weaker, they wrote “Vedomosti”. To strengthen the national currency, economic incentives are needed to increase the attractiveness of ruble savings, says the head of the regulator.
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