CBR slightly increased the official rate of the dollar and the Euro significantly raised

the Bank of Russia increased from 29 may, the official rate of the US dollar by almost 4 cents to 71,1012 of the ruble. While the single European currency gained 35,5 dime, and tomorrow it will 78,2611 ruble.

according to head of Department of the analysis of banks and money market IK “VELES Capital” Yuri Kravchenko, “on Thursday morning, the ruble and the majority of other currencies in emerging markets were trading in negative territory, remaining under pressure from the withdrawal of investors from risk, because of the differences in the US and China on the situation in Hong Kong”. “However, by the beginning of the second half of day the domestic currency has gradually come in, plus getting support from the oil market”, — said in the review of the expert.

At the same time, the expert on the stock market “BCS” Dmitry Babin points out that “because of the political confrontation between the US and China,” the volatility in global markets persists. “Yesterday, the American Secretary of state said that, in his opinion, Hong Kong has lost autonomy from mainland China, and it complicates U.S. trade relations with the city. In turn, the U.S. Senate passed a law condemning the Chinese authorities for “infringement” of freedoms of ethnic Uighurs. Beijing denies the charges and is preparing countermeasures,” — emphasizes the analyst.

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 (from April 1, 2020a). 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 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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