The ruble continued its rapid depreciation against both the dollar and the yuan on Wednesday. On the Moscow Exchange, the Chinese currency in pair with the ruble exceeded ₽15 for the first time since March 2022, reaching a peak of ₽15.1575.
The dollar in the Forex market also showed a sharp increase, jumping by 8.57%, and peaked at ₽114.5326 — the highest value since March 2022.
Ilya Fedorov, chief economist at BCS World of Investments, explained the weakening of the ruble in the fall by a reduction in the supply of currency by exporters. Due to the fall in oil prices in the summer months, foreign exchange earnings decreased, and the share of currency sold also decreased. In his opinion, the weakness of the ruble is also associated with high demand for foreign currency, while the supply remains limited due to sanctions imposed on Russian banks. Fedorov emphasized that if the supply of currency is not increased, the ruble will continue to weaken in the short term.
Yaroslav Kabakov, Director for Strategy at Finam, added that the pressure on the ruble has increased due to geopolitical escalation and new sanctions against Russian banks, including Gazprombank, which has significantly complicated the repatriation of foreign exchange earnings.
In the evening, the fall of the ruble slowed down: the dollar exchange rate on Forex decreased to ₽110.275 and closed at ₽113.1336, and the yuan exchange rate on the Moscow Exchange adjusted to ₽14.2655. The final price for the CNY/RUB pair was ₽14.47 per yuan.
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