Investment bank Goldman Sachs said on Monday it was raising its forecasts for the rouble, predicting it would trade at 62 per dollar in 12 months time, almost 10 percent stronger than current levels. The rouble stands at around 68 per dollar and Goldman's previous 12-month forecast was for 66 per dollar. The bank said in a note it now expects the currency to trade at 66 in six months, compared with a previous prediction of 75.
"Given the central bank wants to hold back on delivering rate cuts, it's a currency-supportive environment," said Goldman Sachs' managing director for emerging markets research Kamakshya Trivedi. Steadier oil prices and a dovish US Federal Reserve were also helping, he added.
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