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Especially for Rossiyskaya Gazeta, TeleTrade chief analyst Mark Goikhman spoke about the main factors affecting the ruble. He also assessed the impact of the St. Petersburg International Economic Forum (SPIEF) on the markets:

– There are positive drivers for the Russian currency. Overall bullish sentiment remains in financial markets due to the spread of vaccinations and increased business activity.

A powerful driver of support for Russian assets is growing oil prices. They again reached annual highs at levels above $ 71 per barrel of Brent. This is the result of the OPEC + ministerial meeting. It highlighted the prospects for an increase in demand for energy resources in connection with economic growth.

Against this background, the Moscow Exchange index closed on Wednesday at a historic high, for the first time exceeding the level of 3800 points and reaching 3817.7 points.

This coincides with the holding of the St. Petersburg International Economic Forum. In the coming days, as a positive news factor, it will contribute to the attention to the Russian market.

However, for the ruble, the positive is limited by constraining circumstances. In the first week of June, there are significant dividend payments by Russian companies. Their foreign shareholders are partially converting the income received into foreign currency, presenting an increased demand for it. By the end of the week, it is expected to purchase over $ 2.5 billion.

Today investors will be looking at a number of important statistics. Will be released indicators of employment and oil reserves in the United States. They affect the positioning of the US currency and oil prices, which have an impact on the ruble. The publication of the May index of business activity in the euro area can correct the euro. Information on the amount of international reserves of the Central Bank of Russia will be received with interest. Exceeding the psychological level of 600 billion is positive for the ruble.

The contradictory influence of this conjuncture will probably not allow the quotes to leave the local ranges that have developed in recent days either on June 3. For the dollar, it is 72.8-73.7 rubles, for the euro – 89-89.9 rubles.

A source: Russian newspaper

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EDITOR’S NOTE: This article is a translation. Apologies should the grammar and / or sentence structure not be perfect.

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