Dollar exchange rate exceeds 80 rubles

Dollar exchange rate exceeds 80 rubles

The Russian ruble weakened against the dollar this morning, trading more than 81 per dollar, according to data from the Moscow Exchange.

The Russian currency stood at 80.79 against the U.S. dollar, 1.2% weaker than at the end of last week.

Vice-rector of the Academy of Labour and Social Relations Alexander Safonov, speaking to Vestnik Kavkaza, said that the current devaluation of the ruble due to ultra-low oil prices, for the most part, will be noticeable for ordinary Russians only because of the rise in price of medicines. “This situation will not affect most Russians, because they mainly acquire those domestically produced goods. Of course, its influence will be noticeable for a middle class. And there will be two waves,” he noted in the first place.

"The first wave has already begun - organizations cannot decide at what rate to sell their goods previously imported into the country. The second wave - depending on the level at which the dollar is stabilized, prices of imported goods will increase," Alexander Safonov warned.

He also stressed that inflation in the current conditions will not grow sharply. "I believe that we will see annual inflation of 4-5%," the expert said.

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