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The exchange rate of the euro has fallen

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The exchange rate of the euro has fallen

The exchange rate of the euro has fallen
July 08
12:30 2016

During the trading at the Moscow stock exchange the cost of the euro has fallen by more than the ruble. The US dollar is also falling on the background of the increase in oil prices.
The euro exchange rate against the ruble has fallen to its lowest level since the beginning of this year. On Friday in the process of the currency trading at the Moscow stock exchange the value of the European currency fell to the level of 70.2975 rubles. This is approximately 1.1 rubles or 1.54% below the level of the yesterday’s closing of the session. This has been the cheapest value of the euro since 2 December, 2015, when it cost less than 70 rubles.

The dollar exchange rate has also fallen, being at its lowest level of 63.715 rubles. This is 85 kopecks or 1.3% below the closing mark of the previous session.

The ruble is strengthening due to the correctional growth in oil prices, which fell by more than 4% yesterday. During today’s trading, the barrel value of Brent oil has grown to $ 47.23, which is 1.8% above the closing mark of the previous trading session.
“Intraday volatility of the Brent price is significantly amplifying, recalling the situation in December and January. The monthly realized volatility of Brent has almost been doubled compared with the minimum of the early January, which negatively affects the short- and medium-term quotations stability. Probably, the fact is that the volume of trading in the market is reducing, but speculators continue to close long positions on Brent », – noted Dmitry Kolomytsyn and Iskander Lutsko, the experts of Sberbank CIB.
Earlier Bloomberg identified the strengthening of the ruble as an obstacle on the way to the economy exit from the recession. And the experts of the bank VTB24 made the forecast of the ruble decline by 5-15% because of the budget deficit and the fall in oil prices.

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