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Ruble Falling Rapidly vs. Dollar & Euro
The actions of the Central Bank of Russia have led to a significant fall in the ruble against the dollar and euro. The official exchange rate of the euro rose 39 kopecks to 34.9141 rubles and the dollar rose 9 kopecks to 27.6613 rubles. The euro closed in today trading at 34.76 rubles, up 17 kopecks from yesterday’s closing price. The dollar was selling for 27.96 rubles at 1:00 p.m. Moscow time, up 19 kopecks from yesterday’s closing.
The euro is continuing to rise in spite of its multidirectional movement on the FOREX. The fall of the ruble is being attributed to the Central Bank’s decision to widen the permissible corridor of fluctuation in the operational exchange policy to 30 kopecks in either direction. This is the second time it has widened the corridor in the last month. It widened the corridor by 30 kopecks on November 11. The dual-currency basket now costs 31 rubles.
Central Bank chairman Sergey Ignatyev stated yesterday that “I have not ruled out raising the flexibility of the exchange rate of the ruble, maybe, in the current conditions of a tendency for the ruble to weaken against foreign currencies.” Analysts note that, by allowing the ruble to weaken against the dual-currency basket, it has in fact given up its policy of strict control over the exchange rate. Experts say the new policy is intended to support the raw materials companies. The new policy is advantageous to exporters of oil, natural gas, metals and ores, at the expense of consumers, telecommunications companies and producers of construction supplies.
www.kommersant.com
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Photo: Svetlana Nefedova