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Wednesday, January 29, 2020

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The dollar’s weighted average exchange rate with “tomorrow” clearings dropped to 30.57 RUR/USD at the Unified Trading Session as of 11:30 on Friday. The official exchange rate for the June 7-9 will also be set at this level. Thus, the US currency dropped by RUR 0.08 compared with Thursday’s level. And it has weakened by RUR 0.19, or by 0.6 percent, over the past two days. This is the most significant strengthening of the ruble over the past few years. Bank analysts explain the sharp falling of the dollar’s exchange rate by the refusal by potential buyers to buy American currency. Bank dealers blame it on the Central Bank’s policy of preventing the dollar from strengthening through dollar sales. For example, the Central Bank was selling dollars at 30.76 RUR/USD just two days ago. Moreover, experts say the Central Bank is significantly reducing its dollar support level. In other words, it lowers buy quotes even in the case of the ruble’s significant strengthening. As an example, they refer to the events of Thursday, when, after the dollar’s biggest fall over the past few years, the Central Bank did not take measures to keep the dollar’s exchange rate at least at 30.65 RUR/USD.

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