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Ruble has fallen in price against the background of dollar strengthening and oil prices falling

During today’s trading session, the Russian ruble has fallen to 58,70 rubles per USD due to the pressure from a stronger dollar and lower oil prices. Recently, the Russian currency showed a steady growth thanks to the OPEC production cuts agreements, which was restraining a falling of the oil prices. However, the Russian ruble couldn’t handle today’s jump of the dollar index by 102 and slightly lowered its positions.

The daily foreign currency purchases by the Central Bank to replenish foreign exchange reserves are also pressurizing on the Russian currency. In February, on behalf of the Ministry of Finance, $1.41 billion were purchased for the Russian rubles. Experts believe that further ruble growth is possible only if the oil prices will rise, and this is possible only in the case of the US dollar weakening.