The Euro fell below 68,5 rubles to the lowest level since August


MOSCOW, October 23. The Euro during trading on the Moscow exchange fell by 1.14 rubles to the mark 68,41 rubles – to the lowest level since the end of August.

In addition, the Euro against the dollar in the international currency market Forex fell on Friday below $ 1.11 dollars per Euro for the first time since September.

The depreciation of the single European currency accelerated on Thursday amid statements of the ECB President Mario Draghi about possible adjustments to the programme of quantitative easing (QE) in December. Then the Euro-dollar exchange rate fell below 1.12 dollar per Euro and the Euro against the ruble fell below 70 rubles.

“Statement by Mario Draghi that the ECB would reassess the asset purchase program was perceived by the market as the actual announcement of the extension of the quantitative easing program. The Euro fell, stocks soared upward,” says chief analyst of investment Department VTB24 Stanislav Kleschev.

According to Draghi, the ECB stands ready to use all available tools, and the asset purchase program has sufficient flexibility and can be adjusted if necessary.

In particular, Draghi once again stated that the ECB may adjust the size, structure and timing of quantitative easing, if required. As in the meeting on 3 September, Draghi reiterated that the QE program will last until September 2016, or longer if necessary.