the Russian Central Bank has dropped from 11 June the official exchange rate of the U.S. dollar by almost 6 cents to 68,6183 of the ruble. While the single European currency gained from 57.5 dime, and tomorrow it will 77,9229 ruble.
according to head of Department of the analysis of banks and money market IK “VELES Capital” Yuri Kravchenko, “on Wednesday, the rouble continues to be adjusted, although in General the exchange sites of emerging markets in the morning has not developed a unified dynamics.” “The pressure on domestic currencies have quotes of oil, which after the first hour of trading on the Russian market decreased almost 2% mark Brent. The decline in oil prices observed after the announcement of the API reporting an increase in reserves for the week by 8.4 million barrels,” — said in the review of the 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 may 2020 rose by 3.8% foreign currencies relative to the previous month. In this case the real rate of the ruble against the dollar rose during this period by 4.7%, to Euro — on 3,8%. However, for the first 5 months of the current year the real effective exchange rate of the ruble fell by 7.8%, and the dollar — by 9.9%, and the Euro by 9.7%.
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