The ruble plummeted

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The Russian currency has accelerated the decline on Friday, once in the power of several powerful bearish factors. The ruble hit lows for 1.5 weeks in tandem with the dollar and updated a minimum from mid-may value against the Euro.
First of all purchases of the ruble contributes to the overall tense atmosphere in the global financial markets where after climbing earlier this week, risk assets have faced profit-taking, which seems appropriate not only in anticipation of the weekend, but against the background of difficult situation in the framework of the summit “the Big seven” on the background of the lack of evidence for the resolution of trade disputes between the United States and Europe.
On this wave, as well as in terms of growth expectations for the normalization of monetary policy of the ECB, there is a capital outflow from emerging markets. In the case of the ruble put additional pressure on the Russian currency have a record of the intervention of the Ministry of Finance, which discouraged speculators.
In the oil market reigned uncertainty in anticipation of a key summit of OPEC in Vienna. Before this event, a big meeting of leaders of Russia and Saudi Arabia in Moscow, the outcome of which can make significant adjustments in the behavior of oil prices and, consequently, the ruble. Despite the new course “the Russians” from black gold, the sharp fluctuations in the commodity segment of our currency to ignore will not. Moreover, the manifestation of the downside risks will affect the ruble is stronger than the positive developments.
Roman Blinov,
The head of the analytical Department of the company
“International financial center”