Translated material
The ruble fell to 75 per dollar after oil collapse
During the night after the opening of world markets and oil collapse, the ruble lost almost 10% to the dollar and is traded at 75 rubles per dollar and 85.5 rubles/€.
Official auction on the Moscow Exchange will open only tomorrow morning, but in the international currency market the ruble is already experiencing a sharp fall. By 11:15 Moscow time, the ruble exchange rate to the dollar exceeded 75 rubles (at the closing of bidding on Friday it was 68.5), to the euro - 85.5 (77.5).
The ruble falls after the oil, which after the opening of Monday trading fell 24%, up to $ 35 per barrel Brent. At the beginning of the bidding, the collapse reached 30% - the worst indicator since 1991. Saudi Arabia unleashed the price war: after the failure on Friday negotiations with Russia to reduce production, she announced oil discounts at $ 6–8 per barrel and promised to increase production against the background of a fall in the coronavirus.
Read also “Now we will show them!”: How the Kremlin unleashed a price war in the oil market
At the price of oil below $ 42.6 (the price of elimination of the budget rule), the ruble becomes much more vulnerable to oil prices - they begin to influence the course directly.
On the morning of March 9, the Central Bank announced the suspension of currency purchases in the market, and the Ministry of Finance - that he would begin to sell currency on the market. The Ministry of Finance reassures in his statement: the current volume of the National Welfare Fund and funds on the account for accounting for additional oil and gas revenues (about 10 trillion rubles) is enough to compensate for the outgoing budget revenues with $ 25–30 oil price for 6-10 years.