The global slump of the U.S. dollar vs. other currencies continues. The world exchanges registered another record of $1 to $1.5380, and dollar sank to the nine-year low in Russia.
Photo: Alexander Miridonov
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End of Dollar Epoch
The global slump of the U.S. dollar vs. other currencies continues. The world exchanges registered another record of ˆ1 to $1.5380, and dollar sank to the nine-year low in Russia.
The slump of the U.S. dollar to Russia’s ruble goes on for the second day running. Dollar lost 12 kopecks yesterday, having dropped below the physiological vital mark of 24 rubles, and the decline has continued today.
The analysts blame hefty losses of that extent in Russia on the worldwide movement of dollar. Driven down by the ECB decision to keep the annual rate at 4 percent, U.S. dollar lost roughly 0.4 percent to a euro during a day.
The analysts say that by preserving the rate, ECB manifested the lack of concern about further appreciation of the European currency vs. a dollar.
The speculations about forthcoming crisis of dollar aren’t rare now. Most of the analysts say the dollar epoch is over and the world will have to find another currency for its reserves very soon. In addition to euro appreciation, dollar is also affected by the attempts of Mid-East oil exporters to revaluate their currencies that are tied to it. The Persian Gulf nations claim the weak dollar coupled with skyrocketing prices for crude oil drive up the inflation pressure on their economies.
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