the Bank of Russia lowered from 4 June the official exchange rate of the U.S. dollar, 64 cents to 68,3413 of the ruble. Thus, the single European currency lost almost 15.5 dime, and tomorrow it will 76,6243 ruble.
Before the regulator lowered the official rate of the US dollar by almost 73 kopecks a day earlier — 1.04 ruble; the Euro yesterday was reduced to 86 cents a day earlier — on 91 kopecks.
according to head of Department of the analysis of banks and money market IK “VELES Capital” Yuri Kravchenko, “the main factors for the strengthening of the ruble remains the growth of oil prices and the global improvement in risk appetite”. At the same time “in the morning the price of Brent crude stuck at 40+ dollars per barrel and the end of the first half of the day added more than 1%,” reads the review expert.
In his words, “market participants are still awaiting renewal of the agreement between the OPEC countries+ for another two months.”
However, the information appeared that Russia and Saudi Arabia have agreed to extend for one month only effective reduction of oil production in the framework of a prisoner in April, new deal OPEC+.
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 coverageILA “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 April 2020 rose 0.1 percent against foreign currencies relative to the previous month. In this case the real rate of the ruble against the dollar fell during this period by 1.6%, the Euro by 0.6%. However, for the first 4 months of the current year the real effective exchange rate of the ruble fell by 11%, and the dollar — by 14.3%, and the Euro by 12.9%.
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