Report: TRY to keep on rising this month - ANALYSIS

RUB will probably remain unchanged

Baku. 2 November. REPORT.AZ/ The exchange rates of Turkish lira (TRY) went up in October 2018.

Report’s analytical group says that the TRY/USD rate was 5.58 at the end of the month against 6.06 in the beginning.

Monthly decline made up TRY 0.48. It’s clear that the rise in TRY rate is related to the increase of confidence in national economy due to the new economic program. If the current tendency continues, the TRY/USD rate may fall to 5.1 by the end of this month.

In Russia, the USD rate slightly went up. RUB/USD was 65.88 at the end of the month, while it was 65.56 in the beginning.

Monthly growth was just RUB 0.22. Generally, the USD rate was around RUB 65-70. It’s not a secret that RUB rate depends on price of Urals oil. Currently, the price is $70-80 a barrel and it allows RUB/USD rate not to deviate much from 65. In case the oil price does not fall below $70, no serious growth is expected in USD rate in Russia.