The depreciation of the Russian currency is due to the coincidence of natural causes, primarily the deterioration of the trade balance. This is stated in the “Overview of the risks of financial markets” of the Central Bank, published on the website of the regulator.
The Central Bank noted that in June the ruble depreciated against the main foreign trade currencies by 10.4% against the backdrop of a continued decline in export revenues and an increase in import costs. The regulator clarified that in June, exporters sold currencies worth $7 billion, which is 22.9% less than in May. The gradual accumulation of rubles abroad could provoke their accelerated return to purchase foreign currency, which at the moment increased demand, the Central Bank added.
They noted that at the end of June, the share of the largest buyers in the purchases of currency increased sharply. Some borrowers converted foreign currency loans into rubles, which means they needed a currency for balancing open foreign exchange positions, the Central Bank explained. At the same time, purchases of foreign currency by the population had almost no effect on the exchange rate due to the insignificance of the volume.
As of July 11, 10:30 Moscow time, the dollar is trading at 90.62 rubles, the euro – at 99.85.
Source: Rosbalt
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