Russian ruble on the way to hit another rock bottom

Russian ruble on the way to hit another all-time low

The euro exchange rate on the Moscow Exchange exceeded 93 rubles per euro for the first time since January 21, 2016. The US dollar is rising in value as well: on September 29, the dollar was traded at the rate of 79.68 rubles per one dollar.

The historical maximum of the euro rate in Russia makes up 100.74 rubles - the European currency was traded at this price in December 2014. For the dollar, the all-time high is 85.50 - the maximum value of the US dollar against the Russian ruble was registered on January 21, 2016.

Analysts linked the decline of the ruble exchange rate to the armed conflict between Armenia and Azerbaijan: instability near Russia sends a negative signal to markets. According to experts, an increase in the number of coronavirus-infected people, the second wave of the coronavirus pandemic in Europe and the possible imposition of sanctions against Russia due to the situation with Alexei Navalny make the Russian ruble even weaker.

The rate of the Russian ruble may stabilise after the Russian currency hits another low. In general, however, the ruble continues declining in value as it receives neither external, nor internal support.

On September 28, at the opening of trading, the euro and dollar rates rose sharply (from 90.9 to 91.7 rubles per one euro and from 78.15 to 78.92 rubles per one dollar. After fluctuations during the day, they stopped at even higher levels (euro - 92.2 rubles, dollar  - 79.05).

Last week, the dollar and the euro renewed their highs since April 2020. During the trading day, the US dollar rate reached 77.87 rubles, while the euro - 90.58 rubles. Experts linked the depreciation of the Russian currency to the strengthening of the dollar on world markets, falling oil prices and risks of new sanctions against Russia.

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Author`s name Editorial Team