MOSCOW, October 28 It is more profitable to buy foreign currency in Russia during the active hours of the exchange, when the exchange rate is close to the exchange rate, banks said.
The fact that the most favorable exchange rate for cash currency, close to the exchange rate, is during the opening hours of the exchange, Tinkoff Bank reported. For example, at one point during the exchange’s operation, the spread on dollars in the bank was plus 1% to the exchange rate, and on euros – plus 3%. Currency trading on the Moscow Exchange is held from 7.00 to 19.00 Moscow time.
«»It is more profitable to make conversion transactions (both cash and non-cash) during the active period of the exchange, namely from 10.00 to 17.00 or 18.00 Moscow time. At this time, banks set the exchange rate, focusing on the current situation on the stock exchange,» the press service of Zenit Bank clarified.
After 17.00-18.00 Moscow time, banks set the so-called “night rate”, which is valid until the next business day, the bank added.
«During this period, banks widen the spreads between buying and selling rates, insuring their currency risks, since transactions performed by clients during this period will be covered by the bank on the stock exchange the next day at a previously unknown rate» , — concluded the Zenit press service.