A gradual strengthening of the ruble can be expected this spring, according to economist Alexander Razuvayev, Head of the Analytics at Alpari information and analytical center.
His opinion is quoted by Rossiyskaya Gazeta.
The ruble is likely to rebound due to a favorable situation on the oil market for Russia, the expert believes. The market is expected to have a stable deficit amid production restrictions in the OPEC+ countries and a reduction in production in the US.
OPEC+ this week decided against increasing production in April, sending oil prices up 5%.
According to the expert, oil will continue to trade within the range of $60–70 per barrel, which will allow the ruble to return to the 65–67 rubles per dollar mark, which will be its annual high. At the moment, the Russian currency is near the level of 74.4 rubles per dollar.
Alexander Razuvayev is known for his positive forecasts for the ruble exchange rate.