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The Bank of Russia again has significantly increased official rates of dollar and Euro

The Bank of Russia again has significantly increased official rates of dollar and Euro

the Official US dollar rate set by the Central Bank of the Russian Federation from July 1, increased by 49 cents to 70,4413 of the ruble. While the single European currency gained 31 kopecks, and from tomorrow it will 78,9929 ruble.

on the Eve of the regulator raised the official rate of dollar at 82 kopecks, Euro — by 1.14 ruble.

As noted by the chief analyst of PSB Bogdan Zvarich, “the pressure on the national currency will have the situation on the energy market, where sales dominated, while the nearest futures on Brent crude retreated to the area 41.5 USD per barrel.”

for his part, head of data analysis CEX.IO Broker Yuriy Mazur points out that the Russian national currency “is under pressure because of the situation with coronavirus in the world and instability in the oil market”, also “uncertainty adds to the vote on the amendments to the Constitution.”

overall, IAC warns analyst “Alpari” Vladislav Antonov, “if the pressure will increase, then buyers will move to the level 70,70 rubles per dollar”. “If the level of 69.85 mm of the ruble will not stand a high probability of return 69,17 of the dollar against the ruble”, — experts predict.

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 happened fouo;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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