The dollar and euro fell to their lowest levels since May 25

The Russian currency continues to strengthen despite the cancellation of the sale of 50% of foreign exchange earnings and other financial measures of the authorities.

During trading on the Moscow Exchange, the dollar fell below 56 rubles, the euro - below 58 rubles. For both currency pairs, these are the lows since May 25. The Moscow Exchange index is growing by 0.17%, the RTS index - by 1.45%.

• Last week, Vladimir Putin lifted the requirement for exporters to sell 50% of foreign exchange earnings. The share will be determined by the government commission on foreign investment, and the time period in which this must be done is set by the Central Bank. And on June 10, the rate returned to the pre-sanction level of 9.5%
• Other things being equal, a weak ruble is more profitable for the Russian budget, because it receives most of its income in foreign currency, and spends money mainly in rubles. From the point of view of the budget, the current exchange rate is already uncomfortable, analysts say: the budget for 2022 has been drawn up based on the exchange rate of 72.1 rubles per dollar. The fact that the strengthening of the ruble, even to the detriment of the budget, was a conscious choice of the Bank of Russia, Bloomberg wrote , citing informed sources (The Bell published a brief retelling ).
• Among other things, one of the key factors supporting the ruble remains high prices in the commodity markets. Futures for Brent crude for August delivery on London's ICE rose to $124.49 a barrel. July futures for gas in Europe remain at a level slightly above $900 per thousand cubic meters.
• Why the authorities fail to slow down the ruble, which has strengthened to "peak levels", read here .