the Bank of Russia lowered from 17 June the official exchange rate of United States dollar 62 cents to 69,7524 of the ruble. Thus, the single European currency lost 10 kopecks, and from tomorrow it will 79,0434 ruble.
according to head of Department of the analysis of banks and money market IK “VELES Capital” Yuri Kravchenko, “a ruble a day showed a decrease, which was at odds with the General strengthening of risk appetite and, apparently, could be due to causes of a local character (for example, due to increased demand for currency on the part of individual players or a technical correction after growth the day before, when the domestic currency is clearly looked better than other emerging market currencies)”.
we also Recall that the Russian national currency since the beginning of this year has significantly depreciated against the dollar and the Euro. Strong pressure on the rouble had a General panic in the financial markets due to the rapid spread of the pandemic coronavirus infection COVID-19 and concerns about its impact on the global economy, and a collapse in oil prices.
So, the strong devaluation of the Russian currency occurred on March 7 on the international Forex market, after the day before the deal collapsed OPEC+, — countries of the Alliance are unable to agree on cutting oil production, nor of the extension of the deal for a longer period (1 April 2020). Then, on March 9, 2020, the financial and oil markets suffered “black Monday”, and on 18 March, the market embraced a “black Wednesday” with yet another collapse of oil prices, the Russian national currency in the course of trading on the Moscow stock exchange has updated (at the time) a record low against the dollar and Euro since February of 2016, 81 and 88 million, respectively.
we Add that the real effective exchange rate of the ruble (inflation-adjusted) in may 2020 rose by 3.8% against foreign currencies relative to the previous month. In this case the real exchange rate of the ruble against the dollar rose during this period For 4.7%, to Euro — on 3,8%. However, for the first 5 months of the current year the real effective exchange rate of the ruble fell by 7.8%, and the dollar — by 9.9%, and the Euro by 9.7%.
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