Yesterday, during the trading session on the currency section of the Moscow stock exchange official dollar exchange rate decreased by 0.1396 rubles and amounted to 66.7420 rubles per dollar.
Throughout the day, the ruble gradually strengthened, and become the main driving force in the price of oil, which, despite the increase in stocks of crude oil and petroleum products in the US by 1.4 million barrels, up 3.7%, to 43.43 dollars per barrel Brent crude. Another factor was the fact that, according to Rosstat, in the period from 26 July to 1 August was recorded deflation for the first time in five years. Consumer prices for the week declined by 0.1%. This increases the likelihood of a quick recovery in consumer activity that will stimulate economic growth. Today, out data on inflation in July, and it is expected that the pace of consumer price growth slowed from 7.5% to 7.4%.
However, the slowdown in inflation and deflation fixation week only increase the likelihood of further reduction of the key rate of the Bank of Russia, which also has a negative impact on the ruble. Just this morning, oil began to fall in price, reacting to yesterday’s growth. Do not forget about the meeting of the Board of the Bank of England, one of the solutions which may be the reduction of the refinancing rate, which will lead to the global strengthening of the dollar.
Today, the dollar / ruble rose a little, to 66.87.