The official dollar exchange rate slightly lowered, the Euro significantly increased

the Bank of Russia has lowered since July 23, the official exchange rate of the U.S. dollar in nearly 18 cents to 70,7881 of the ruble. While the single European currency gained 34 kopecks, and from tomorrow it will 81,5904 ruble.

according to head of Department of the analysis of banks and money market IK “VELES Capital” Yuri Kravchenko, “on the exchange sites of emerging markets to the middle of the day on Wednesday was dominated by the withdrawal from risk, and the ruble, along with most EM currencies have lost ground”. “For the ruble is supported by adverse news, sanctions. In particular, geopolitical pressure increased again after the approval of the U.S. defence budget, including a tightening of sanctions against the “Nord stream-2” and “Turkish stream””, the review says the analyst.

However, the Director of the Academy of management Finance and investment Arseniy Dadashev emphasized “the beginning of the tax period in Russia, under which Russian exporters swapping foreign exchange earnings,” and this supports the ruble.

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, — RussiaSkye 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 ruble exchange rate decreased by 5%.

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