Western hedge funds believed in the strengthening of the ruble


Investors some of the most effective funds from Berlin to new York to buy ruble assets amid the strengthening of the Russian currency by 23%, compared with a record low, Bloomberg writes with reference to the results of your survey.

According to the Manager of the new York Foundation Stone Harbor Investment Partners (assets of $40 billion) Stuart Sclater-booth, the ruble to the end of the year, strengthened to 63 rubles per dollar (as of 12:25 Moscow time on 11 April, the ruble traded against the dollar at the level of 67,07 rubles). Sclater-Booth believes that investments in ruble will benefit until the end of 2016. According to him, oil prices have hit bottom earlier this year, but the Russian Central Bank will be able successfully to fight inflation.

The Manager of the Berlin Landesbank Berlin Investment GmbH (assets of $12 billion) Lutz, Romier said that increasing the share of rouble assets in its investment portfolio almost daily. The ruble will continue to strengthen against the basket of dollar-Euro amid rising oil prices, he said. However, Romier recognizes that uncertainty about oil prices has not disappeared.

In January, the ruble has hit historic lows against the dollar — ruble exchange rate reached 85,99 rubles per dollar. Since then the ruble has appreciated by 23%. This was accompanied by the rise in oil prices from $28,21 per barrel of Brent in mid-January to $41,69 for April 11.

Belief hedge funds in good prospects of the Russian currency has led to the fact that in mid-March, hedge funds have increased bets on the ruble strengthening against the dollar to the highest level since February 2013. The hope and several major investment banks. In particular, JP Morgan Chase in its March forecast predicted strengthening of the ruble exchange rate to the dollar to 64.6 rubles by the end of 2016. Strategists at Danske Bank and Goldman Sachs predict a strengthening of the rouble to the American currency, up to 62 rubles per dollar.

Optimistic hedge funds and investment banks about the prospects of the Russian currency is not shared by earlier analysts surveyed by Bloomberg. According to the consensus forecast of 44 analysts, the ruble by the end of 2016 will be reduced by 6%. The weakening of the ruble is laid in the baseline scenario of the world Bank.