Analysts find it difficult to make forecasts in the volatile conditions at the global markets, but the oil an the ruble have already started recovering and the trend for growth will consolidate against the generally positive background.
After the public holidays, the exchanges were trembling: shares of major companies were in decline, oil prices and exchange rates of currencies of many developing countries were dropping. The US dollar traded at ₽75, euro, at ₽81.
The Bank of Russia started selling the foreign currencies in order to ensure an adequate dollar and euro volumes at the internal market: if there is no deficiency, there is no reason for the rates to rise. Additional support is provided to the industries that have suffered most from the spread of coronavirus. Such steps help mitigate the impact of external negative factors.
Currently, currencies of most developing economies are experiencing pressure and the ruble is additionally affected by the drop of oil prices. Yesterday, the black gold prices finally switched from the tendency for decline to the moderate growth. The Brent mix price increased by 6%, to $36 per barrel, and WTI, by 7%, to $33 per barrel. The circumstances of Asian shares are improving, the US indices are growing, and Europe is feeling optimistic.
Experts called the drop of oil prices an expected occurrence and expressed an opinion that the situation would stabilize in the near future. However, they stressed that much would depend on the general picture of the global economy: if the virus retreats and the demand for oil increases, then the price will reach the mark of $50 per barrel. The Russian analysts insist that the country's economy has a sufficient reserve of strength to overcome the crisis in a relatively painless manner.
Today USD/RUB pair is traded at the rate of ₽71.6288, while EUR/RUB, at ₽80.7321. There is no panic at currency exchange offices.