The ruble continues to become cheaper to dollar

the Ruble continues to depreciate against the dollar the Ruble continues to fall against the dollar
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Dollar rises, the Euro continues to fall in price on the Moscow stock exchange on Tuesday evening, the ruble rises slightly against the currency basket in terms of the multidirectional dynamics of the major pairs, following the dynamics of the currency in the global market.

the U.S. dollar made up of 75.16 rubles/$1 at 19:00 Moscow time, which is 50.5 kopecks above the closing level of the previous trading session. The Euro was worth 82,42 of the ruble, down on 99,75 penny. The cost of the currency basket ($0.55 and EUR0,45) fell by 17.11 pennies to 78,42 rubles, reports “Interfax”.

the Ruble continued to show mixed trends in the major pairs at the evening auction, as bidders react to the resumption of growth of the dollar against most world currencies, including the Euro, in the global market. A positive effect on the dollar Tuesday had the information that the Treasury Secretary Steven Mnuchin presented to the Senate Republicans a package of measures to support the economy with a volume of 850 billion dollars. The Finance Minister discussed the basic principles of this package with the Republicans in the Senate on Monday, and expected to present them with a detailed proposal on Tuesday, reported Dow Jones citing people familiar with the matter.

According to sources, the measures prepared by the administration of the trump, will include financial support to airlines in the amount of about $ 50 billion, as well as other incentives, including tax reduction on wages.

As suggested by the head of Department of banks and money market IK “Veles Capital” Yuri Kravchenko, the pressure on the ruble could, among other things, call an engineer to repaiü information that the Central Bank is considering various stress tests, including at the level of 100 rubles per dollar.

the experts believe that in the near future the rate will remain at around 75 rubles per dollar. “CBR 16 Mar sold the currency to 3.7 billion rubles, which is sufficient to keep the exchange rate close to 75,0 per dollar. If not for the obvious liquidity problems in the us financial system, when the current difference in rates, the ruble would be in high demand,” – said a leading analyst of the company “Discovery broker” Andrei Kochetkov.

Cost of may futures for Brent crude on London’s ICE Futures exchange to 19:01 Moscow time increased by 0.07 percent to 30.07 per barrel. Futures for WTI crude oil for may to trading on the new York Mercantile exchange (NYMEX) by this time has risen on 0,69% – to 29.2 per barrel.

Traders are preparing for a significant drop in the demand for oil in connection with the spread of coronavirus in the world COVID-19. At the same time the price war in the oil market, which Saudi Arabia has announced Russia in response to the failure of the transaction OPEC+ is expected to increase the supply.

the United States took the decision on replenishment of the strategic petroleum reserve. Other countries and companies are also planning to replenish their reserves amid falling prices.

Developing countries may face declining oil and gas revenues by 50-85% in 2020, to a minimum level over the last twenty years, warned the head of the International energy Agency (IEA), Fatih Birol and OPEC Secretary General Mohammed Barkindo in a joint statement after a telephone conversation. “This will have significant social and economic consequences, especially for the public sector in such vital sectors as health and education”, – stated in the message on the website of OPEC.

the Fight against corenvirocom

Investors continue to show concern regarding the spread of coronavirus can affect the global economy. These fears are unable to dispel even the emergency measures taken by the Federal reserve (fed) and the Bank of Japan.

at the weekend the fed lowered the interest rate on Federal loan funds to a full percentage point, to 0-0. 25% and announced plans for more asset purchases and other measures to provide liquidity to banks. The fed also stated that it is ready to use a “whole set of existing tools to support the availability of credit to households and business”.

the Bank of Japan announced the increase stimulus measures in response to the pandemic. The Japanese Central Bank did not change key parameters of the monetary policy.

Monday, March 16, a number of countries have reinforced measures to contain the spread of coronavirus COVID-19. The EU at a videoconference of the group of seven had offered to “temporarily refrain from unnecessary travel to the EU in order not to contribute to the spread of the coronavirus,” said European Commission President Ursula von der Leyen. According to her, the restriction is proposed to introduce 30 days.

the White house on Monday encouraged Americans not to visit bars, restaurants and other crowded places, to defer all travel to and work from home. Local authorities are recommended to close schools and all places of a congestion of people in areas where there has been a spread of the virus. These recommendations will act the next 15 days.The number of cases of infection with coronavirus in the US close to 4.5 thousand, while 86 people died.

Canada closes borders to those who are not residents of a country to contain the spread of coronavirus, said Monday the Prime Minister Canada Justin Trudeau.