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

the Russian Central Bank has lowered since July 28, the official US dollar exchange rate almost 1.2 cents to 71,585 rubles, While the single European currency gained from 67 cents, and tomorrow it will 83,7759 ruble.

As noted by the chief analyst of PSB Bogdan Zvarich, “on the stabilization of oil prices and the growth of the Euro/dollar,” the U.S. currency may recede “against the ruble in the area of the 71.5 ruble.” “However, in the future, the dollar may try to win back morning losses and to leave on positive territory,” 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 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 the ruble fell by 5%.

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