the Bank of Russia increased from 18 July (on weekends and Monday, July 27) official US dollar rate to 63.5 cents to 71,5974 of the ruble. While the single European currency gained almost 91.5 per penny, and tomorrow it will 83,1031 ruble.
As noted by analyst IK “VELES the Capital” Elena Kozhuhova, “ruble to the middle of the session, lost less than 0.5% against the dollar and the Euro.” “The dollar has sought to 72 rubles, and the Euro hit a peak on 22 April, rising to 83,38 of the ruble. CBR at the next meeting anticipated lowered interest rate from 4.50% to 4.25%,” — 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 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. In this case the real rate of the ruble against the dollar rose during this period by 5.2%, to Euro — by 1.7%. However, during the first 6 monthsEV of the current year the real effective rouble rate decreased by 5%.
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