Today, the dollar exchange rate against the euro again exceeded the level of $1.3/€, and against the ruble it dropped to 32.55 rubles/$. Investors are getting rid of the American currency, as the minutes of the latest meeting of the US Federal Reserve, as well as the head of the regulator Ben Bernanke, made it clear to the markets that the promised tightening of monetary policy will not happen in the near future.

Photo: Vasily Shaposhnikov, Kommersant / buy photo

The American currency is rapidly losing its position in the international foreign exchange market. At today's trading, the euro exchange rate against the dollar rose by 1.7%, to $1.3201/€. During the day, the rate rose by 3.3%, to the values of three weeks ago. The DXY index (the dollar exchange rate against six currencies) fell by almost 2% to 82.42 points, the lowest level since June 25. The American currency has also weakened its position on the Russian market. By 15:50 Moscow time on the Moscow Exchange, the dollar exchange rate with delivery “tomorrow” dropped to 32.55 rubles/$, which is almost 40 kopecks. below Wednesday's close.

The depreciation of the dollar began after the publication of the minutes from the last meeting of the Open Market Committee of the US Federal Reserve System. According to a document published yesterday, half of the committee members supported the idea of reducing the volume of asset repurchases from the market, but only later this year, other members of the regulator support the continuation of quantitative easing in 2014. However, even at the last meeting, a number of representatives spoke in favor of reducing the volume of asset repurchases last month. “Everyone seems to have an opinion about when to start winding down. I think there's less clarity now than there was before," Action Economics analyst Kim Rupert told Reuters. "Most expected September to be a good time to start. This greatly adds to doubts regarding such timing.”

The day before, Fed Chairman Ben Bernanke also defended a soft monetary policy. According to him, the American economy needs a highly stimulating monetary policy for the foreseeable future. “The statement by the head of the Fed significantly alleviated investors’ fears regarding a possible reduction in the asset repurchase program, which caused a weakening of the dollar in the foreign exchange market, an increase in prices in commodity markets and a revival in stock markets,” said Deputy General Director of the Olma Investment Fund Alexey Bystrov.

Vitaly Gaidaev

The Fed corrected the dollar exchange rate