The official dollar exchange rate significantly downgraded, the Euro lost less

the Bank of Russia has lowered on July 14, the official rate of dollar at 48 cents to 70,7479 of the ruble. Thus, the single European currency lost 17.5 dime, and tomorrow it will 80,0937 ruble.

But financial expert CEX.IO Broker Alexander Anouk warns that “in times of crisis the dollar is the safest asset and the demand for the American currency will exceed the demand for the ruble.” “You have to remember that the ruble has become less attractive from an investment point of view due to historically low Bank interest rates”, — the expert specifies.

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 exchange rate RUBLa was down 5%.

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