Translated by Ollie Richardson for Fort Russ
6th January, 2016
The Dollar for the second time in a day updated the record set in December 2014. This time the rate exceeded 75 rubles. The weakening of the Russian currency runs against the background of falling oil prices, which has continued for the third day in a row
The Russian currency continued to fall, updating twice in one day the record set in December 2014. At the auction of the Moscow exchange the dollar reached 75.10 rubles, but at 17:20 GMT it once again fell to 74.872. Thus, the ruble has weakened 2.21 per cent against the previous closing session.
In the morning trading the dollar had updated the year before last December’s figures, breaking through the level to 74 rubles.
The ruble depreciates against the background of the accelerated drop in oil prices. The cost of the February futures for delivery of Brent crude fell in 17: 28 Moscow time to the closing up of 4.85% to $34.66/bbl. The minimum value for the trading session $34.57.
The Euro also rose above the mark of 80 rubles, up to 80.69 rubles, exceeding yesterday’s closing level by more than 2%.
Oil prices reached an 11-year low amid the weakening of the yuan and the Chinese economy in general, and also the imminent reports about the oil reserves in the U.S, which, according to preliminary data, will show their further growth. All this is compounded by the continuing excess of supply over demand and a glut in the market.