Artem Tuzov, executive director of the capital market department at Univer Capital, predicted the dollar rate at 70 rubles by autumn.

The economist recalled that the National Welfare Fund (NWF) of Russia has completely abandoned the dollar in its balance sheet. Export proceeds of oil and gas will be converted into other currencies, and this will become a constant source of pressure on the dollar against the ruble, he said.

Tuzov also pointed out that at the moment Brent crude oil is trading at April 2019 prices, when the rate was at 65 rubles per dollar. “However, taking into account the level of world inflation, the level of 70 rubles per dollar looks more probable,” the expert concluded.