Exchange rate of the Euro rose above 81 ruble, the dollar — above 71

the Russian national currency during today’s trading on the Moscow exchange significantly weakens the U.S. dollar and the Euro, the single European currency for the first time since July 7, more than 81 ruble.

So, as of 15:58 Moscow time the dollar exchange rate calculations “tomorrow” increased by 23 kopecks to the previous close to 71.2 ruble. The Euro rose to 48 cents and was at around 80,99 rubles (earlier in the session had reached the 81 ruble), according to data exchanges.

As noted by the chief analyst of PSB Bogdan Zvarich, “the main reason for the sales in the national currency” is “the situation on the energy market, where the nearest futures on Brent crude oil is adjusted, retreating to the area of 42 dollars per barrel.”

for his part, head of data analysis CEX.IO Broker Yuriy Mazur agrees that “the further fate of the Russian currency will largely depend on the behavior of the energy market”.

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) the record of the dollar and the Euro since February, 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, for the first 6 months of the current year the real effective ruble exchange rate decreased by 5%.

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