The Russian currency has been on a roller coaster the next exchange in the morning trade the dollar and Euro soared more than two dollars. The main reason for the weakening of the ruble is falling oil prices. While in Russia celebrated may day, a mix of mark Brent has fallen in price to three dollars.
photo: Gennady Cherkasov
In the course of trading on the Moscow exchange, the dollar rose to 66.8 rubles (+2.17 ruble to April 29) and euros to 76.7 rubles (+2.68 ruble). The ruble lost ground after the swift drop in oil prices that occurred during the may holidays: per barrel of Brent today $45,08, while on Friday he asked for over $48.
From the beginning, the ruble has appreciated by 14%. However, economists surveyed by Bloomberg predict that by the end of June “wood” can be cheaper 8% to 70 rubles per dollar. Experts attributed this to the limit is reached, the increase in oil prices, RBC.
“The correction in oil prices will happen with a delay, and as soon as it starts, we will see the depreciation of the ruble in the second half of may,” — said the Director of the Department of active operations of the company “Veles the Capital” Evgenie Shilenkov.
Alexander Losev, Sputnik Fund Asset Management, sees three threats to the ruble: the fall in oil prices, a reversal in capital flows and the likelihood that the Central Bank will buy foreign currency for its reserves. According to him, investors will seek to “reduce the risks”.
We should not forget about the seasonal factor, reports Bloomberg. In relation to risky assets in the market, the rule “Sell in may and go away” (Sell in May and go away), because traders close their positions ahead of the beginning of the summer.Related posts: