The Bank of Russia significantly lowered the official rates of dollar and Euro

the Official US dollar rate set by the Central Bank of the Russian Federation from June 9, is lowered by 32 kopecks to the ruble 68,3123. Thus, the single European currency lost 78 cents, and tomorrow it will 77,1861 ruble.

according to head of Department of the analysis of banks and money market IK “VELES Capital” Yuri Kravchenko, “the ruble continues steady strengthening: after the first hour of trading Monday, the domestic currency managed to pass the impregnable last week mark at 68.2 on the dollar and was close to level 68”.

“the Domestic currency continues to receive support from the oil market where the price of Brent crude rose above $ 43 a barrel after the extension (last Saturday) agreement to limit OPEC production+ one month” — says the review expert.

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 (adjusted for inflation) in April 2020 rose 0.1 percent against foreign currencies relative to the previous month. In this case the real rate of the ruble against the dollar fell during this period by 1.6%, the Euro by 0.6%. However, for the first 4 months of the current year the real effective exchange rate of the ruble fell by 11%, and the dollar — by 14.3%, and the Euro by 12.9%.

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