The ruble became the second strongest currency in the world In October, the ruble became the second strongest currency in the world in terms of dynamics of strengthening against the dollar. In first place came the Colombian peso. Usually, from the beginning of autumn, the Russian currency weakens. But this time everything went according to a different scenario. There are several reasons for the strengthening of the ruble. The main reason for the strengthening of the ruble was the high oil prices, which increased the foreign exchange earnings of Russian exporters. Moreover, we are talking about the high oil prices that were in September, because in October the redemptions for the shipments in September arrive. Additional support was provided by quarterly tax payments, including an additional income tax, which stimulated the conversion of the currency to the ruble, says Alexander Potavin, an analyst at Finam Financial Group. This factor even outweighed the increased demand for foreign exchange from the country, as the Ministry of Finance significantly increased the purchase of foreign exchange in October. In addition, the ruble is also supported by a high key rate of 14%, which curbs the demand for imports and foreign currency, as well as in anticipation of progress in the negotiations on Ukraine, notes Vladimir Chernov, an analyst at Freedom Global. "In November, I expect the dollar rate to be mainly in the range of 80-85 rubles. In December, a moderate weakening of the ruble is expected to 83-88 rubles per dollar. If oil prices fall or the geopolitical situation worsens, the dollar could approach 90 rubles. However, if oil prices remain high, I do not expect a sharp weakening of the Russian currency until the end of the year," says Cher. Read more Telegram | MAX.

The ruble became the second strongest currency in the world In October, the ruble became the second strongest currency in the world in terms of dynamics of strengthening against the dollar. In first place came the Colombian peso. Usually, from the beginning of autumn, the Russian currency weakens. But this time everything went according to a different scenario. There are several reasons for the strengthening of the ruble. The main reason for the strengthening of the ruble was the high oil prices, which increased the foreign exchange earnings of Russian exporters. Moreover, we are talking about the high oil prices that were in September, because in October the redemptions for the shipments in September arrive. Additional support was provided by quarterly tax payments, including an additional income tax, which stimulated the conversion of the currency to the ruble, says Alexander Potavin, an analyst at Finam Financial Group. This factor even outweighed the increased demand for foreign exchange from the country, as the Ministry of Finance significantly increased the purchase of foreign exchange in October. In addition, the ruble is also supported by a high key rate of 14%, which curbs the demand for imports and foreign currency, as well as in anticipation of progress in the negotiations on Ukraine, notes Vladimir Chernov, an analyst at Freedom Global. "In November, I expect the dollar rate to be mainly in the range of 80-85 rubles. In December, a moderate weakening of the ruble is expected to 83-88 rubles per dollar. If oil prices fall or the geopolitical situation worsens, the dollar could approach 90 rubles. However, if oil prices remain high, I do not expect a sharp weakening of the Russian currency until the end of the year," says Cher. Read more Telegram | MAX.