International oil prices sharply lower Russian ruble exchange rate against the dollar

Due to the continuous decline of global stock markets and the sharp drop in international oil prices, the Russian ruble fell sharply against the US dollar and the euro.

The official price quoted by the Central Bank of Russia shows that on August 10, 2011, the exchange rate of the ruble against the U.S. dollar was 29.4616, which was a decrease of about 90 kopabs (a rupee and 100 kopecks) from the 9th, a decrease of about 3%; the exchange rate of the ruble against the euro was The ratio of 41.9039 to 1, dropped by 95 kopdi from the 9th, a decrease of about 2.3%.

Analysts believe that the decline in the exchange rate of the ruble is mainly caused by the recent sharp drop in oil prices and investors' hedging in the stock market.

In recent days, the devaluation trend of the Russian ruble has become apparent. In just four days, the official price of the U.S. dollar fell from 27.8432 to 1 to 29.46661.

However, the Russian Central Bank stated that it would not change the current flexible ruble exchange rate policy and did not intend to adopt large-scale interventions on the ** market.

According to data provided by the Central Bank of Russia, benefiting from the continuous rise in oil prices since the beginning of the year, the exchange rate of the ruble against the US dollar continued to strengthen. In the first 7 months of this year, the real exchange rate of the ruble against the US dollar increased by 12.8%, the nominal exchange rate increased by 10.6%, the real exchange rate against the Euro increased by 5.5%, and the nominal exchange rate increased by 2.1%.