The dollar exchange rate on the Moscow Exchange soared above 80 rubles, the euro exchange rate is approaching 88 rubles. Currencies rose in price after a new drop in oil prices below $28 per barrel

Photo: Reuters/Pixstream

The fall of the ruble accelerated on the Moscow Exchange. The dollar exchange rate exceeded 80 rubles for the first time in more than a year, reaching a maximum of 80.017 rubles, which is 1.456 rubles. higher than the closing level of previous trading.

Previous time above 80 rubles. The dollar exchange rate rose on December 16, 2014, when the maximum rate of 80.1 rubles was recorded since the 1998 redenomination.

The euro exchange rate on the Moscow Exchange is also growing today, rising to a maximum of 87.67 rubles, which is 1.95 rubles. higher than the closing level of previous trading.

The depreciation of the ruble occurs against the backdrop of falling world oil prices. During today's trading on the ICE exchange, the price of Brent oil futures for delivery in March 2016 dropped to $27.79.

The day before, experts from the International Energy Agency reported that due to a mild winter, demand for oil in 2016 will grow less than previously expected, while its production will continue to grow, which will not allow balancing the levels of supply and demand in the oil market.

“The oil market will continue to have a supply surplus this year, which could push oil prices below the current 12-year lows. Also in focus is the publication of statistical data on oil reserves today from API and tomorrow from the US Department of Energy. If weak data is published, oil may again go lower (to $25 per barrel): it is still premature to talk about finding a medium-term bottom,” notes Promsvyazbank analyst Ekaterina Krylova.

By 12:15 Moscow time, the cost of March Brent futures on the ICE exchange was $27.84 per barrel, and the cost of the dollar on the Moscow Exchange was 79.97 rubles, the euro exchange rate was 87.55 rubles.

The official dollar exchange rate since January 20, 2016 has been set by the Central Bank of the Russian Federation at 78.4862 rubles, the official euro exchange rate is 85.2988 rubles.

According to the Big Mac Index, the Russian ruble is undervalued by almost 70%. Judging by the calculations of The Economist experts, the dollar should now fetch only 23.12 rubles.

The exchange rate of the dollar soared above 80 rubles.