The dollar exchange rate during trading on October 15 for the first time since July 2020 fell below 71 rubles / $ and traded at 70.9 rubles. The main reasons for this trend are obvious: the ruble is supported by the rise in raw material prices, expectations of an increase in the key rate of the Central Bank and the sale of foreign currency by exporters before large tax and dividend payments at the end of October.
What pushes the ruble up
Since the beginning of the year, the dollar / ruble rate has fallen by 4.4%. In September, the ruble surpassed all currencies of emerging economies in growth against the dollar, Bloomberg noted: since the beginning of the month, the ruble has grown against the dollar by 0.68%, while other currencies have fallen in price. In October, the trend continued as the active phase of the tax period approached, when exporters were converting foreign currency earnings into rubles. Everything is going well in the commodity markets: on October 15, the price of the December Brent crude oil futures for the first time in three years rose above $ 85 per barrel. The cost of a cubic meter of natural gas on the ICE exchange by mid-October was at around $ 1080.