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

the Official US dollar rate set by the Central Bank of the Russian Federation from may 28, reduced almost by 8 kopecks to the ruble 71,0635. Thus, the single European currency gained 12 cents, and tomorrow it will 77,9069 ruble.

As noted by analyst IK “VELES the Capital” Elena Kozhuhova, “the ruble to the middle of the session weakened slightly against the dollar and Euro, following the dynamics of oil prices”. “The dollar, however, remained below the 71 rubles, and the Euro rose slightly above 78 rubles”, — stated in the review of the expert.

He noted that the oil market on Wednesday shows a “moderately negative”. “July futures on Brent oil and WTI to the middle of the session in Russia moved to the downward correction and lose about 1.5%, settling above $ 35 and 33 dollars respectively. Significant changes in the market occurs,” adds Kozhuhova.

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.

I will add that the real effective exchange rate of the ruble (inflation-adjusted) in April 2020 rose 0.1 percent against foreign currencies relative to the previous month. In this case the real rate of the ruble against the dollar fell during this period by 1.6%, the Euro by 0.6%. However, for the first 4 months of the current year the real effective exchange rate of the ruble fell by 11%, and the dollar — by 14.3%, and the Euro by 12.9%.

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