The Russian ruble fell against the dollar and the euro amid falling oil prices to a 17-year low at exchange trading.
At the end of the trading day on the Moscow Exchange, the exchange rate of the Russian ruble against the dollar dropped to 80.87 rubles / $, against the euro – to 88.39 rubles / €. About it testify data on the exchange website.
Thus, during March 18, the exchange rate of the ruble against the dollar fell by 5.43 rubles, against the euro – fell by 5.49 rubles. The depreciation occurred against the backdrop of falling oil prices to a 17-year low.
As noted by TASS, the last time the ruble against the dollar fell below 80 rubles. in February 2016.
The ruble began to decline sharply on March 9 amid a sharp drop in oil prices due to the withdrawal of the Russian Federation from the OPEC + deal to reduce hydrocarbon production.
Amid unsuccessful negotiations, Saudi Arabia, according to Bloomberg sources, decided to “enter into a total price war” and increase production from the current 9 million to 12 million barrels per day. This, according to analysts polled by the agency, “will lead to chaos in the oil market.” In addition, Riyadh is trying to oust Russian Urals brand oil from the European market by offering to triple its own supply of Arab Light at great discounts, making Urals uncompetitive.
The cheapening of oil also triggered a fall in the Russian stock market.