In a conversation with the Prime agency, the analyst explained the depreciation of the ruble against the dollar by lowering the key rate by the Central Bank by 150 basis points.
“The results of the US Federal Reserve meeting also contributed to the weakening of the ruble against the dollar.
On July 27, the base interest rate was raised again by 75 basis points to 2.5% per annum,” the expert said.
According to the analyst, the rate may reach 3-3.5% by the end of the year if the Fed continues to raise it.
The Bank of Russia, meanwhile, allows further rate cuts by 0.6 percentage points.
As a result, Chechushkov concluded, by autumn the ruble could move into the range of 66-72 per dollar if government foreign exchange interventions resume.
Earlier, BitRiver financial analyst Vladislav Antonov, in an interview with FAN, commented on the situation in the foreign exchange market.