The rouble leapt to a more than six-week high against the dollar on Friday after the Bank of Russia hiked interest rates by more than expected to 15% before paring gains, with the currency also buttressed by exporters' increased foreign currency sales.
, hiking borrowing costs for the fourth meeting running in response to the weak rouble, stubborn inflation pressure and increasing budget spending.
"We expect that by the end of the year the rouble exchange rate will be trading in the range of 94-98 per dollar, 99-104 per euro and 12.8-13.4 per yuan," Vasilyev said. "Inflation expectations remain at a historically high level," Suvorov said, and suggested that rates could be raised to 16% at the bank's next meeting on Dec. 15.Month-end tax payments, due on Oct. 30, which usually see exporters convert foreign exchange revenue to pay domestic liabilities, have supported the rouble in recent days.
"The specific impact of currency restrictions on the dynamics of the exchange rate will be insignificant in our opinion," she said. "If there is, it will be in a short period of time."
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