The Bank of Russia has dropped official rates of dollar and Euro

the Russian Central Bank has dropped from 22 July the official rate of the US dollar almost immediately on the 70,9668 ruble to ruble. Thus, the single European currency has lost 1.14 ruble, and tomorrow it will 81,2499 ruble.

according to head of Department of the analysis of banks and money market IK “VELES Capital” Yuri Kravchenko, “on the domestic currency market on Tuesday, the ruble shows a steady strengthening in pairs with the dollar and the Euro.” “General background on global markets mostly positive, oil prices are rising, most currencies EM (emerging markets — ed.) in the black. However, the growth of the ruble stood out even against the background of strengthening of major currencies in emerging markets and probably was further supported by the sale of foreign currency earnings by exporters for tax payments”, — said in the review analyst.

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 (taking into account inflacii) 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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