Wednesday , August 5 2020
Home / economy / The exchange rate of the dollar rose above 72 rubles

The exchange rate of the dollar rose above 72 rubles

Биржевой курс доллара поднялся выше 72 рублей

The Russian national currency during evening trading on the Moscow exchange does not cease to weaken the U.S. dollar and the Euro, the U.S. currency for the first time since July 7, has exceeded 72 rubles.

As of 18:34 GMT the dollar calculations “tomorrow” rose by almost 34 cents to 71,8675 rubles (earlier in the session had reached the 72 rubles). The Euro by this time added 66 cents and reached 82,15 rubles (earlier in the day on Friday for the first time since may 4 exceeded 82 rubles), according to data exchange.

The Russian national currency weakens against the background of negative dynamics of the oil market, and by evening, the fall in oil prices intensified amid concerns about the possible impact of continuing spread of the coronavirus in the world on demand.

 

So, as of 17:45 GMT, the September futures for North sea petroleum mix Brent fell $0.38 to $42,99 per barrel for the August futures on West Texas crude fell by $0.29 to $40,46 per barrel, said “Finmarket”.

As says the head of the analysis of banks and money market IK “VELES Capital” Yuri Kravchenko, “on Friday, the ruble continued to weaken against the dollar and the Euro.” “In addition to weak risk appetite in global markets, the pressures on the domestic currency are the correction in oil prices and the continuing sanctions rhetoric against Russia. In particular, the head of the British foreign office announced the attempts of RF interference in the British elections in 2019, and on Friday appeared information about impending sanctions Germany against Russia in connection with cyber attacks on the Bundestag in 2015,” 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.

Thus, a 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 ruble exchange rate decreased by 5%.

 

© 2020, paradox. All rights reserved.

Check Also

Was nothing to steal

Power in Russia has lost even the hint of a positive agenda, being in a …

Leave a Reply

Your email address will not be published. Required fields are marked *