the Official rate of dollar established since June 23, is lowered by almost 9 cents to 69,4835 of the ruble. Thus, the single European currency lost nearly 18 cents, and tomorrow it will 77,8285 ruble.
As says the head of the analysis of banks and money market IK “VELES Capital” Yuri Kravchenko, “in the beginning of the week on global stock markets dominated by risk appetite, oil prices are moderately rising, and the USD index is reduced, allowing the ruble to hold a small plus in tandem with the dollar by the beginning of the second half of the day.” “At the same time, the Euro has a visible strengthening against the ruble is getting support from the Forex market where the Euro/dollar is rising by almost half a percentage point”, — stated in the review of the expert.
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 relativeon the previous month. In this case the real rate of the ruble against the dollar rose during this period by 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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