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Dollar Exchange Rate above 60 Rubles in Russia

On Tuesday’s Moscow trade exchange the exchange rate of the ruble against the dollar exceeded the mark of 60 rubles, which is roughly double the amount prior to the introduction of Western sanctions.

The dollar was traded per 59,73 rubles (+2,3%) at the trade exchange; the euro was traded at 66,11 rubles (+3%). With that, Brent crude oil was traded at a 1,6% lower price, $53,74, Forbes Kazakhstan reports.

So far, the trade dynamics look organic and there are no grounds to talk about a currency shock. The lowering of raw material prices comes with the growth of market offerings, which was expected to happen. At that, Euro grows as the key rate of EUR/USD continues to strengthen at Forex.

During the last week Russia’s national currency fell by 3,54% against the dollar; oil prices fell by more than 5% during the same period.

By Nino Gojiashvili
Editor. Covers Turkish, Russian and Eurasian business and economic news.
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