The ruble suffered moderate losses against major currencies today. The official exchange rates of the Central Bank for tomorrow have been raised to 12.12 rubles per yuan and 89.54 per dollar. The weakening of the ruble may be due to the restoration of imports and, accordingly, demand for currency, the translation of lower July oil prices into the exchange rate, as well as a tense geopolitical background. The devaluation movement may be restrained by the approach of the tax period, and more fundamentally – by the high key rate. Tomorrow we expect the yuan to consolidate in the 12-12.2 ruble zone, the dollar may reach 90.