25 October 2022 | Macroeconomics | CEOs

Ruble stabilized, with interest rate decision at the center of attention

The Russian ruble strengthened on Monday thanks to a favorable end-of-month tax period and the prospect of upcoming dividend payments, which also boosted equities as investors await the central bank's interest rate decision on Friday.

The ruble has been bolstered by the upcoming tax period at the end of the month, during which export-oriented companies typically convert foreign-currency earnings into rubles to cover their tax liabilities on the domestic market.

According to Dmitry Polevoy, head of investment at Locko Invest, the role of tax repayments and dividend payments by Russian companies, which are due in November, is that the ruble exchange rate has continued its general trend of strengthening against the U.S. dollar.

The focus is on the Bank of Russia, which has cut its interest rate six times in 2022 after it was urgently raised to 20% in February. Last month, the bank cut rates to 7.5%.

Company MarketCheese
Period: 03.12.2024 Expectation: 1000 pips
Tariffs of Trump threats send USDCAD to 4-year high
Today at 11:45 AM 22
Period: 30.11.2024 Expectation: 2100 pips
EURUSD is poised to surge higher as correction continues
Today at 09:38 AM 39
Elena_Dorokhina
Elena_Dorokhina

Listed among the best MarketCheese authors
1st in the segments "Currencies" and "Metals"
2nd in the segment "Oil and gas"
Period: 20.12.2024 Expectation: 2470 pips
GBPUSD is targeting 1.2300 level as selling pressure increases
Yesterday at 08:20 AM 63
Alexandra_Belova
Alexandra_Belova

Listed among the best MarketCheese authors
1st in the segment "Oil and gas"
2nd in the segment "Currencies"
Period: 29.11.2024 Expectation: 800 pips
Silver buyers get ready to test 31.5 level
25 November 2024 89
Gold sell
Period: 01.12.2024 Expectation: 8110 pips
Gold loses ground as demand for safe haven assets wanes
25 November 2024 211
Elena_Dorokhina
Elena_Dorokhina

Listed among the best MarketCheese authors
1st in the segments "Currencies" and "Metals"
2nd in the segment "Oil and gas"
Period: 29.11.2024 Expectation: 700 pips
AUDCAD does not exit downward trend lines
22 November 2024 60
Go to forecasts