The Russian ruble will remain beyond 70 against the US dollar in July and is unlikely to rise to 60+ vs. the greenback until the end of the year, BCS Premier economist Anton Pokatovich said.
According to the expert, a major reason is the current COVID-19 pandemic, which is having its effects on investors’ sentiment. The world’s major economies see rising numbers of COVID-19 cases, which increases the possibilities of a second wave of the coronavirus outbreak.
Another factor that prevents the Russian currency from becoming stronger is geopolitical risks related to Russia, the Rossiyskaya Gazeta newspaper reported.
Oil price can be considered as an unstable factor, which is currently supporting the ruble. However, no-one can predict the future prices for oil, which can drop to $40 per barrel and even lower this summer. In the near future, the Russian currency will remain at RUR 71.5-72.7 to the dollar, Anton Pokatovich said.