Exchange rate of the Euro rose above 79 rubles

the Russian national currency during today’s trading on the Moscow exchange continues to weaken against the dollar and the Euro, the single European currency for the first time since may 20 has exceeded 79 rubles.

as of 17:08 GMT U.S. currency calculations “tomorrow” increased by 88 cents to the previous closing and reached 69,38 of the ruble. The Euro by this time, gained 1.07 ruble and was on the mark 79,0050 of the ruble, according to data exchanges.

the weakening of the ruble along with the drop in oil prices. So, in 16:11 GMT the cost of August futures for Brent crude on London exchange ICE fell by 5.36% to $38.99 for a barrel. The futures on the American WTI with delivery in July also fell in price — by 7.15% to $36,77 per barrel, RBC says.

the experts “Interfax-TSEA” I think the hard ruble depreciates against the dollar and the Euro last this week the auction, as investors closed positions ahead of a long holiday weekend in Russia. A negative impact on players has increased rate of fall of oil quotations, the results of the meeting of the American Central Bank (fed), and the resumption of a discussion of anti-Russian sanctions in the us Congress.

we also Recall that the Russian national currency in March 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 happenedXia “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 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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