The exchange rate of the dollar fell to the lowest level since November 2015

The dollar and the Euro on the Moscow stock exchange on Monday morning declined amid rising global oil prices. In early trading, the dollar fell more than 0.5%, reaching the minimum level 62,385 RUB 42 kopecks below the closing level of the previous trading session. Made at the peak of the fall the figure was an absolute minimum of the value of the dollar in 11 months — the last time below the rate it fell on 3 November last year.

Simultaneously, the Euro fell by 59 kopecks, reaching RUB 70,08 So cheap the European currency was not worth from July 2016.

The ruble strengthened against the background of rising world oil prices. In the course of trading on the ICE futures exchange on Monday, the cost of a barrel of Brent rose to $50,9, which was the high from August 19, 2016.

First Deputy Chairman of the Bank “Ugra” Yuri Melnikov noted that in conditions when the Russian currency supports the growth of oil prices, the speculators will resume buying rubles. “The ruble will tend to 62,4–62,5 per dollar, and if this level is overcome, it will open the way to 62 RUB Further strengthening is unlikely. The Bank of Russia will not allow the ruble to strengthen too, so growth in the area of 61,6, where there is strong resistance, is possible only short term and only when a very strong and stable growth of prices”, — said the expert.

Melnikov also said that the sharp growth of the ruble may be followed by correction and by the end of the day the ruble may fall below 63 rubles per dollar”.

By 11:50 Moscow time the cost of a barrel of Brent crude on the ICE futures exchange was $50.6 per dollar on the Moscow stock exchange have been adjusted to 62,48 Euro and up to 70.2 RUB