Russian Ruble Reached Its 4-Month Minimum

Russian ruble exchange rate is decreasing due to reduction of oil price and economic collapse in China.

28.Jul.15 12:35 PM
By Svetlana Siuhina
Photo Toinnov.com

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Russian Ruble Reached Its 4-Month Minimum

Trading on Moscow stock exchange started with a rapid decrease of ruble exchange rate. Today they were launched at the rate of 59.25 rubles per 1 USD.

Experts say that such decrease resulted in various reasons. The main one is reduction of oil price. It has become almost 20% cheaper. Brent oil price has reached the rate of $53.17 per barrel on London stock exchange while WTI oil price is $47.56 per barrel.

“They key reason of oil price decrease includes expectations of Iran oil supplies on the international market as well as Fed rate hike with further USD strengthening. Increase of American oil producing industry rate is another key factor of price change”, - said the head of Ingosstrah-Investment analytic department Yevgeny Vorobyev.
Experts also suggest that oil price decrease may continue within the following three years.

At the same time, the international oil market expects results of two main events this week. They include FED session along with meeting or Central Bank experts the following day. Russian financial regulator is very likely to increase the key rate considering current situation on the market.

Chinese stock market has also faced collapse. It appeared to be another reason of leading oil producer’s price decrease. For instance, the MICEX index dropped to 1584.93 points.

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