Ruble Continues Dropping Following Oil Prices

The dollar and the euro increase their growth rate on the Moscow Exchange in the morning hours of Tuesday, with the ruble moderately weakening against the dual currency basket amid the drop in oil prices.

The US dollar cost 46.17 against the ruble the UTS at 11:26 MSK, adding 32 kopecks against the previous close. The euro was at around 57.3 rubles, rising by 50 kopecks, Censor.NET reports citing Interfax.

Currency basket (0.55 USD and 0.45 EUR) grew by 40 kopeks and constituted by 51.18 rubes. Yesterday the dollar fell back to 44.9565 rubles and the euro fell to 56 after the Russia's Central Bank canceled the floating corridor and regular interventions, i.e. let the ruble float freely. At the same time the authorities announced that they are taking all necessary measures to stabilize the exchange rate. Since then the dollar and the euro gained more than 1 ruble.

Read also: Russia's Ruble Hit New All-Time Low

Experts believe that the pressure on the ruble could worsen due to the decline in world oil prices. Oil prices are down in the course of trading on Tuesday for the second consecutive session against the backdrop of Kuwaiti Oil Minister statements and expectations of the U.S. inventory fuel growth data.

Index futures on Brent crude fell to around $81.5 per barrel on London's ICE Futures exchange, hitting a new 4-year low. Kuwait's oil minister said that the decision to reduce quotas will not be made at the OPEC meeting in Vienna on Nov. 27. The decrease of the ruble is halted by the expectations of ruble liquidity provision limiting by the Central Bank.

Источник: https://en.censor.net.ua/n311349