Page 67 - RusRPTMay20

Currency (units per USD) (eop)
61.5
57.6
69.5
57.1
62.7
70.0
69.5
64.8
64.3
64.7
63.0
69.3
Currency (units per EUR) (average)
74.4
65.8
74.0
69.9
73.7
76.0
76.1
75.1
72.6
72.0
69.7
73.3
Currency (units per USD) (average)
67.2
58.4
62.7
56.9
61.8
65.5
66.7
66.1
64.6
64.7
62.9
66.5
source: CBR
Russia’s ruble now trades at 77 to the dollar, a one quarter devaluation since the start of the year.​ For Ukraine, an oil importer, the devaluation of the hryvnia over the same period has been 14%, to 27.20 as of April 23.
Ruble exchange rate fluctuations in April were more muted than the huge swings in oil prices. ​For example, the price of Urals-grade crude oil fell by 15 % on April 1 to a record low of $13.50 a barrel, only to rebound by 45 % on April 3. The seesawing prices reflect supply and demand instability and the extreme uncertainty in global markets. Declining oil prices pulled down the ruble’s exchange rate in the first quarter of this year. However, the ruble-dollar rate (down 20 % since the start of the year) has weakened considerably less and fluctuations have been much smaller than in the Urals prices, which have declined in dollars 70 % since the start of the year. Since mid-March, the CBR has sold currency in the markets on behalf of the finance ministry which has mitigated ruble exchange rate movements.
67​ RUSSIA Country Report​ May 2020 ​ ​www.intellinews.com