the Central Bank of Russia raised from 18 July (on weekends and Monday, July 20) the official rate of dollar at 48 cents to 71,7139 of the ruble. While the single European currency gained 45 cents, and tomorrow it will 81,6821 ruble.
according to head of Department of the analysis of banks and money market IK “VELES Capital” Yuri Kravchenko, “on Friday, the ruble continues to weaken against the dollar and the Euro.” “Apparently, the pressures on the domestic currency are the correction of oil prices (the price of Brent crude fell below $ 43 per barrel) and the continuing sanctions rhetoric (the US and the EU — ed.) against the Russian Federation”, — 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 June 2020 rose 2.9% against foreign currencies relative to the previous month. The real ruble exchange rate against the dollaru rose during this period by 5.2%, to Euro — by 1.7%. However, for the first 6 months of the current year the real effective ruble exchange rate decreased by 5%.
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