the Bank of Russia lowered from 20 June (the weekend and Monday, June 22) the official US dollar exchange rate by 4.5 cents to 69,5725 of the ruble. Thus, the single European currency has lost almost 29 cents, and tomorrow it will 78,0047 ruble.
As noted by head of the analytical Department AMarkets Artem Deev, “support for the rouble has growth in oil prices amid the ongoing withdrawal of quarantine measures, and record production cuts by OPEC countries and allies of the cartel, including Russia”.
Earlier on Friday, the Board of Directors of the Bank of Russia lowered the key rate from 100 basis points to 4.5% per annum — to a new historic low.
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 rate of the ruble against the dollar rose during this periodine 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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