The dollar exchange rate on Forex fell below 99 rubles

At the low of the day, the dollar on Forex was worth 98.77 rubles. At 16:03 Moscow time, the American currency was trading at 98.99 rubles, 2 rubles cheaper than yesterday’s closing price. The euro exchange rate at its minimum was 104.5 rubles. At 16:03 Moscow time, the euro was trading at 104.77 rubles (-2.16 rubles).

In the interbank market, the dollar exchange rate fell to 98.1 rubles on December 6. The euro reached its low of the day at 104.2 rubles. Previously, the Bank of Russia set the official exchange rate of the dollar for Friday at 103.38 rubles and the euro at 109.78 rubles.

The Russian currency began to strengthen after a rapid collapse in late November. At its maximum on November 27, the dollar exchange rate on Forex exceeded 114 rubles, the euro exchange rate exceeded 120 rubles. On the afternoon of the same day, the Central Bank announced that before the end of the year it would stop purchasing foreign currency in the domestic market to “reduce volatility.”

The Central Bank later explained that the collapse was caused by new US sanctions against Gazprombank and other Russian credit institutions, which “required adjustments in the servicing of foreign trade flows.” At the same time, the regulator assured that the restrictions affect the ruble in the short term, and “in the medium and long term, the dynamics of the exchange rate is determined by fundamental factors.”

The head of the Ministry of Finance, in a conversation with journalists on December 5, said that the ruble exchange rate would stabilize in the coming weeks. Siluanov confirmed that the “situation with the ruble” is due to sanctions against Gazprombank, which was the main participant in foreign economic agreements. “Now this whole situation is stabilizing. Our participants in foreign economic activity find opportunities for agreements with their counterparts abroad. I think that in a week or two everything will be fine,” said the minister.