The Bank of Russia lowered the official rate of the dollar and raised the Euro

the Russian Central Bank has lowered since July 16, the official rate of the US dollar by almost 33 kopecks to the ruble 70,7998. While the single European currency gained almost 22 kopecks and tomorrow it will 80,8392 ruble.

according to head of Department of the analysis of banks and money market IK “VELES Capital” Yuri Kravchenko, “on the currency market the ruble to the middle of the day on Wednesday showed a slight increase against the dollar (about 0,1-0,2%) and a similar decline in the Euro, reflecting the situation on the Forex market”.

According to the expert, essential “will play the outcome of today’s meeting of the Ministerial monitoring Committee of OPEC+ and the data on reserves and oil production in the United States.”

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 of the ruble (inflation-adjusted) in June 2020 rose 2.9% against foreign currencies relative to the previous month. The real rubleI am the dollar rose over that 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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