Dollar and euro footstep away from 70 and 80 rubles

The dollar and euro exchange rates are getting closer to the psychological level of 70 and 80 rubles, respectively.

The dollar exchange rate increased to 69.42 rubles at the Moscow Exchange from 68.77 rubles, as of 12:10 Moscow time.

The euro exchange rate rose to 79.09 rubles from 78.42 rubles.

The advisor on macroeconomics to the CEO of the 'Opening-Broker' brokerage house, economist Sergey Hestanov, speaking to Vestnik Kavkaza, noted that the main factor was oil prices. "Where the growth rates of the Russian economy are quite low, the decline in oil prices is primarily reflected in the weakening of the Russian national currency," he said.

At the same time, it is not yet clear whether the state will intervene in the situation. "Certainly, the weakening of the ruble worries citizens, but it is important to understand that a weak ruble is favorable for exporters and greatly helps the federal budget. As long as the devaluation is more or less moderate with moderate inflation, the authorities will not interfere in the processes," Sergey Hestanov predicts.

The head of the Financial Market Research Laboratory of the Gaidar Institute for Economic Policy, Mikhail Khromov, agreed with Hestanov. "The main factor in the current growth of the dollar and the euro against the ruble is the decline in Brent oil price to $50 per barrel. There is a whole range of additional factors, such as the expectation of new Western sanctions against Russia and the uncertainty of the foreign policy situation. In addition, the development prospects Russian economy are not assessed as brilliant, which also creates a negative background for the ruble," he said.

The economist said that the Ministry of Finance will not intervene. "The policy of the Russian Finance Ministry in recent years has been the purchase of currency to weaken the ruble. Plans for large volumes of purchases have already been announced for January. Perhaps, if the dollar rate exceeds 70 rubles, these plans will be revised," Mikhail Khromov concluded.