Economist Polevoy: Futures settlements may temporarily weaken the ruble

The ruble may show high volatility in trading on March 21 due to the increased number of transactions carried out during the calculation period for fixing the rate. This was stated by Dmitry Polevoy, Investment Director of Astra Asset Management, writes RBC.

“Some participants open positions in the spot market while holding long positions [в расчете на рост цены актива] in currency futures,” he emphasized in a conversation with the publication economist Sergey Konygin.

According to him, one should prepare for exchange rate fluctuations. The expert clarified that the current situation depends on general devaluation expectations. In March, the rate will be put under pressure, in particular, by upcoming redemptions and large payments on European bonds, he concluded.

Another interviewed by RBC economist Alexander Isakov confirmed that the short-term nature of the weakening effect is indicated by the fixing period. However, the specialist emphasized that he did not notice the prerequisites for a sustainable weakening of the Russian currency. According to his forecasts, the ruble could rise in value to 90–91 per dollar if Central Bank Russia will maintain tough policy and the key rate at 16%.

Earlier, Vladimir Gamza, a member of the Federal Council of the PARTY OF DELO, Chairman of the Council on Financial, Industrial and Investment Policy of the RF Chamber of Commerce and Industry, said that it is necessary to legally oblige the Central Bank to participate in ensuring economic growth. More about this read the material Public News Service.

Message Economist Polevoy: Futures settlements may temporarily weaken the ruble appeared first on Public news service.

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