The ruble fell at the start of trading in anticipation of the results of the Fed

The US dollar and the euro are rising on the Moscow Exchange on Wednesday morning, while the euro has updated a two-week high, rising above 62 rubles for the first time since July 11. The ruble is depreciating against the dual-currency basket before the meeting of the Federal Reserve System (FRS) on the rate.

The first transactions in the US dollar were in the range of 60.81-61.2 rubles/$1, according to the results of the first minute of trading, the rate was 60.9575 rubles/$1 (+40.75 kopecks to the level of the previous close). At the same time, the euro rose to 61.915 rubles/EUR1 (+23.5 kopecks by Tuesday’s close). The dual-currency basket ($0.55 and EUR0.45) grew by 32.99 kopecks. to the closing level on July 26, to 61.39 rubles.

The dollar at the same time turned out to be 2.3 rubles. above the level of the current official exchange rate, the euro – by 2.51 rubles. above the official rate.

According to Interfax-CEA experts, the ruble is getting cheaper against the dollar and the euro, the attention of bidders is focused on a two-day meeting of the US Federal Reserve System (FRS), the results of which will be summed up at 21:00 Moscow time. Fed Chairman Jerome Powell will hold a press conference following the meeting at 21:30 (Moscow time).

The Fed will increase its key interest rate by 75 basis points (bp) following the results of the July meeting, according to analyst consensus forecasts compiled by Bloomberg and the Trading Economics platform.

Ethan Andrews

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