On Tuesday, March 10, at the opening of trading on the Moscow Exchange, the euro and the dollar rose sharply. At 10:15 Moscow time, the euro grew by 5.36% to 81.7 rubles, the dollar rose by 4.85% to 71.89 rubles. The Moscow Stock Exchange index fell by 16% at the start of trading, the RTS index fell by 16%.
At the same time, oil is getting more expensive. The Brent and WTI brands rose by 5.73% and 5.63%. On the eve of the price of Brent crude oil fell by 30%. This is the worst short-term fall since 1991 when the United States launched the very first operation against Iraq called the desert Storm.
The reason for such a catastrophic fall is the collapse of Russia’s deal with OPEC + and the subsequent decision of Saudi Arabia to increase raw material production and lower prices. Earlier, the Bank of Russia announced the suspension of currency purchases on the open market for 30 days.
The Ministry of Finance said that it intends to sell currency from the NWF in the market. These measures can mitigate the reaction of the ruble to the recent drop in oil prices. Note that today the Moscow Exchange has named the upper limit of the possible dollar exchange rate at the level of 75.2125 rubles and the euro at the level of 85.785 rubles.