The euro exchange rate dropped to 101.34 rubles during trading, according to data from the Moscow Exchange as of 12:45 GMT. This is the minimum for more than a month – after September 12. The rate decreased by 1.46 rubles compared to the close of the exchange the day before.
The dollar exchange rate dropped to its lowest level in about a month—since September 22. The American currency reached 95.79 rubles by 12:45 GMT: the rate dropped below 96 rubles for the first time in about a month. The drop compared to the exchange’s closing level the day before amounted to almost 1.26 rubles (1.3%).
The appreciation of the ruble is helped by the factor of the tax period and the increase in export revenues due to expensive oil, noted BCS Express expert Dmitry Babin for Forbes.
The peak of fiscal payments by exporters falls on October 25 and 30, he noted. Against this background, many companies are selling foreign currency in advance, including due to fears that its rate will be lower next week.
A favorable situation on the commodity market emerged several months ago: growing export revenue, a significant part of which companies are now required to sell on the domestic market, is a positive moment for the ruble, Babin believes.
