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Exchange rate of the Euro topped $ 85

Exchange rate of the Euro topped $ 85

the Russian national currency during today’s trading on the Moscow exchange continues to become cheaper in pairs with the dollar and the Euro, the single European currency rose above $ 85 for the first time since April 2.

as of 16:14 GMT, the dollar calculations “tomorrow” has jumped by almost 98 kopecks to the previous close up to 72,55, and the Euro gained 1.01 rubles and reached 85,0825 of the ruble, according to data exchanges.

As noted by analyst IK “VELES the Capital” Elena Kozhuhova, “the ruble by the middle of the session, lost about 1% against the dollar and the Euro.” “The dollar reached a peak from late March”, and “Euro hits fresh peak since the beginning of April,” says the review expert.

for his part, Director of the Academy of management Finance and investment Arseniy Dadashov says that the “situation of coronavirus is still poor, and in some countries resumed the quarantine restrictions, which is a direct threat to the recovery of demand, especially for gasoline.”

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 the exchange was upgraded (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, for the first 6 months of the current year the real effective ruble exchange rate decreased by 5%.

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