the Bank of Russia lowered from 6 June (weekend and Monday, June 8) official exchange rate of the U.S. dollar in nearly 38.5 cents to 68,6319 of the ruble. While the single European currency gained from 64 dime, and tomorrow it will 77,9658 ruble.
As the expert for Finance CEX.IO Broker Alexander Anouk States that “the Russian ruble on the positive oil market continues to hold below 70 for the us dollar.” “In addition to the factor of “black gold” quotations of the Russian currency have a positive impact of unmet dire predictions of the decline of the world economy. Yes, many countries have difficulties, but yet to talk about a repeat of the great depression is not necessary. While maintaining high hydrocarbon prices, the ruble will continue to regain its position against the greenback and back into the range of 65-67 per dollar”, — said 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 roubles fittuenno.
we Add that the real effective exchange rate of the ruble (inflation-adjusted) in March 2020 fell by 11.4% against foreign currencies relative to the previous month. In this case the real exchange rate of the ruble against the dollar fell during the reporting period, by 12.2% against the Euro by 13.4%. For the first quarter of the current year the real effective rouble rate decreased by 11.5%, to USD — by 13.3%, to Euro — by 12.5%.
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