The euro exchange rate on the Moscow Exchange dropped to its lowest level in seven years

The euro exchange rate at the Moscow Exchange on Monday fell below 59 rubles. As of 17:05 Moscow time, the euro on the stock exchange cost 57.26 rubles, 2.96 rubles less than the closing level of previous trading.

As Interfax notes , the exchange rate of the single European currency fell below 59 rubles the previous time in June 2015.

The dollar at the auction on May 23 also fell. The American currency, as of 17:05 Moscow time, was trading at 58.87 rubles, 3.92 rubles less than the closing level of the previous session.

• Interfax-CEA experts list preparations for the peak of tax payments in May among the main reasons for the growth of the ruble against the dollar and the euro. On May 25, exporting companies will transfer value added tax, mineral extraction tax, and excises to the budget, and on May 27 - income tax. All these payments are made in rubles.