On November 19, it became known that the official dollar exchange rate of the Central Bank of Russia exceeded 100 rubles. What is important to understand is that this happened for the first time since October 2023.
Points of attention
- The drop in Russian exports and restrictions due to international sanctions led to the depreciation of the ruble.
- Problems in cross-border payments and falling oil prices also affected the rate.
- Russian economists could not predict the course of events on the foreign exchange market.
The ruble continues to depreciate
Russian opposition journalists drew attention to the fact that the Central Bank of the Russian Federation set the exchange rate for the dollar on November 20 at 100.0348 rubles.
In fact, the Russian currency fell below the psychological mark.
In addition, it is emphasized that the last time the exchange rate was above 100 rubles was on October 10, 2023.
Last fall, the exchange rate was determined on the basis of stock trading on the Moscow Stock Exchange.
Due to the US sanctions, such trades are not conducted on the Moss Exchange for the dollar.
According to economists, a sharp drop in the exchange rate may lead to a further weakening of the Russian currency and a possible worsening of the situation on the stock market.
What is happening with the ruble exchange rate
Analysts draw attention to the fact that the current dynamics of the Russian currency is the result of a complex of factors.
What is important to understand is that Russian exports are declining not only in terms of volume, but also in terms of money.
Restrictions imposed by international sanctions, as well as the fall in Urals oil prices, which in mid-October fell below $70 per barrel, while in the summer they fluctuated around $75-80, significantly reduce the supply of the currency, the report said.
Against this background, one cannot also ignore the problems in cross-border payments, which provoked an increase in the price of imported goods, which, in turn, caused an additional demand for currency.
Experts draw attention to the fact that last week Russian economists predicted the fall of the ruble to 100 per dollar only by the end of the year.
