The ruble turned down after rising at the start of trading

The US dollar and the euro moved to growth on the Moscow Exchange on Monday afternoon after falling in the first minutes of the trading session, the ruble turned down and depreciates against the dual-currency basket amid a decrease in investor interest in risk ahead of the decision of the Federal Reserve System (FRS) on the rate .

The US dollar exchange rate was 57.77 rubles/$1 at 15:00 Moscow time, which is 48 kopecks higher than the closing level of the previous trades. The euro cost 58.46 rubles / EUR1, having risen in price by 15.25 kopecks. The cost of the dual-currency basket ($0.55 and EUR0.45) increased by 33.26 kopecks to 58.08 rubles.

According to Interfax-CEA experts, the ruble went down during the day against the dollar and the euro after rising at the start of trading , due to preparations for the peak of the tax period of the month. By the end of Monday, exporting companies will have to pay VAT, MET and excises, and on Thursday – income tax.

Markets are waiting for the Fed meeting, which will be held on July 26-27. Analysts generally expect that the US Central Bank will raise the base interest rate by 75 basis points (bp) to 2.25-2.5%, but they also do not exclude the possibility of raising it immediately by 100 bp.

Traders will be keeping a close eye on Fed Chairman Jerome Powell’s post-meeting comments, especially focusing on signals whether the Fed is hoping for a soft landing for the US economy.