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 Russian Currency Weakening Steadily: Euro Rate Grows to 51 Rubles

The euro exchange rate on the Moscow Stock Exchange reached 51 rubles October 8. The dollar has grown by 16 kopeks - up to 40.07 rubles.

The dollar rate rose by 16 kopeks up to 40.07 rubles for one US Dollar as at 22.16 Moscow time on October 8, Censor.NET reports citing Gazeta.Ru

The price of dollar-euro basket has risen to the key level of 45 rubles. It costs 44.98 rubles currently.

Read also: Russia Cannot Afford Extension of Sanctions Against the West - Russian Minister of Economic Development

It should be noted that the Russian ruble has recently updated all time lows. Western sanctions against Moscow through its aggression in Ukraine have negatively influenced the exchange rate of ruble.

Besides, the fall in oil prices below $90 per barrel is not conducive to the growth of the Russian currency as Russia's budget is very dependent on energy revenues. In addition, the dollar itself has been notably strengthened in the global market.

Read also: Russia Spent $1.75 Billion Over the Last 3 Trading Days to Prop Up Ruble - The Wall Street Journal


 
 
 
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