Dollar raises above 70 rubles

Dollar raises above 70 rubles

Ruble exchange rate began to decline after three hours of stabilization and growth attempts.

Dollar and euro exceeded levels of 70 and 81 rubles respectively.

"Euro exchange rate exceeded 81 rubles for the first time since March 1 of 2016. Dollar exchange rate rose to 70.36 rubles," the Moscow Exchange data shows.

Earlier, dollar and euro reached the highest levels since March of 2016, growing to 70.17 and 81.21 rubles respectively.

Alexander Abramov, professor at the Stock and Investment Markets Department of the Higher School of Economics, said that the ruble is currently being pressured from several sides simultaneously.

"First of all, capital begins to leave emerging markets for developed markets, which is associated with the Federal Reserve's rate increase, as well as with the trade war. This applies not only to Russia, but across the world. We see that national currencies are weakening in most emerging markets. In addition, right now traders are afraid of a new wave of sanctions against Russia in November," he said.

"Regulators are behaving differently - previously, they pursued policy of weakening the ruble by buying currency through the Ministry of Finance, and now they need to somehow counter weakening of the ruble, but authorities are just allowing the ruble to drop to new bottom," he said.

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