Euro and dollar revamp historic highs
UFA, 7 November 2014. /Bashinform News Agency, Elvira Latypova/.
The official euro rate set by the Bank of Russia for the weekend and on Monday rose at once by 2.77 rubles and amounted to 59.32 rubles. The dollar exchange rate jumped by 2.69 rubles — up to 47.88 rubles.
At the trading of the Moscow stock exchange ruble continued to fall on Friday, the dollar for the first time reached historic 48 rubles, euro overcame the mark of 60 rubles.
“In the currency market the situation is close to panic that threatens the stability of the financial system” TASS quated the Managing Director, the Chief Analyst of Investment Department VTB24 Stanislav Kleshchev. “We believe that in the near future the Central Bank will be forced to intervene in the process.”
Ruble depreciates rapidly after the decision of the Central Bank to reduce foreign exchange interventions to 350 million US dollars a day. Previously, the daily volume of interventions were not restricted and sometimes reached $ 3 billion a day, the newspaper marks.
"The ruble fluctuation in the last three days is likely to be explained by emotions and fears of unpredictability. If the Central Bank is able to reverse these psychological moments, states something and makes some actions making it clear that the Central Bank will strongly contribute to the stabilization of the situation, it will calm the market, and we will observe the movement of the ruble up, sharp decline of dollar and euro. But we need two things: the actions of the Central Bank to be positively perceived by the market participants, and a signal of some predictability of further activity. While there is no such predictability, we can’t speak about ruble strengthening ", "Kommersant" cites the opinion of the director of financial markets of Interfax Agency Victor Konovalov.