Exchange rate of Euro for the first time since mid-March rose above 78 rubles.


Trading currency on the Moscow stock exchange opened on 4 April 2016 the depreciation of the ruble. A few minutes after the start of trading the Euro for the first time since mid-March has exceeded 78 rubles, reaching the maximum level 78,41 rubles, or RUR 1,486 above level of closing of the trades on April 1. In previous times 78 rubles to the Euro on the Moscow stock exchange rose by 16 March 2016.

Simultaneously, the dollar has come nearer to 69 rubles, reaching at the peak level of 68,897 rubles., which is 1,302 rubles above the closing level of the previous trading session.

The ruble weakens amid slump in oil prices. During today’s trading on the stock exchange ICE futures price for Brent oil for delivery in June 2016 declined to $38,16 per barrel, which is 1.25% below the closing level of the previous auction and the lowest since March 4, 2016.

“It is expected that due to the fall in oil prices pressure on the ruble will increase,” warned the chief of analytical Department IFK “solid” Oleg Steps.

Deputy General Director for investment analysis of IR “Zerich capital Management” Andrey Vernikov links the drop in oil prices with growing doubts of market participants that a hypothetical agreement on freezing of oil production can solve the problem of surplus stocks of oil in the world. Last week a member of the Royal family of Saudi Arabia and the country’s defense Minister Mohammed bin Salman said that Saudi Arabia will accede to the agreement on freezing of oil production only if a similar decision will bring Iran and other major producers.

To 10.35 GMT the cost of a barrel of Brent crude on the ICE stock exchange was $38,18, the dollar on the Moscow exchange reached RUB 68,855, the Euro – 78,376 RUB.