1 November 2022 | Other

Russian ruble stabilizes after Russia suspends participation in Black Sea grain deal

According to Reuters, the Russian ruble has reduced its losses after Moscow said at the weekend that it would suspend its participation in a historic grain deal in the Black Sea.

In addition, Monday was the last day of the tax period at the end of the month, during which the ruble usually receives some support, and there was also the first meeting after the Bank of Russia ended its rate-cutting cycle.

Dmitry Polevoy, chief investment officer at Moscow broker Locko Invest, said that the completion of the end-of-month tax period and massive dividend payments, combined with a further decline in Russia's trade balance, would presumably strengthen the ruble toward 65 (against the U.S. dollar) by year-end.

Company MarketCheese
Period: 30.04.2026 Expectation: 1500 pips
Selling natural gas with $2.80 target
Yesterday at 11:48 AM 34
Period: 08.04.2026 Expectation: 800 pips
Fundamental tailwinds set stage for NVIDIA stock reversal
Yesterday at 10:41 AM 25
Period: 31.05.2026 Expectation: 3000 pips
Selling EURUSD upon breaching 1.14000
Yesterday at 10:10 AM 25
Period: 03.04.2026 Expectation: 600 pips
EURUSD selloff pursues 1.1400 level
Yesterday at 06:23 AM 21
Brent neutral
Period: 03.04.2026 Expectation: 250 pips
Brent crude selloff targets $108 per barrel
Yesterday at 06:23 AM 26
Period: 08.04.2026 Expectation: 750 pips
USDCAD goes lower as US economy loses steam
Yesterday at 06:07 AM 13
Go to forecasts