Previously unattainable, new horizons are now even closer than they appeared to be. A year ago a similar situation on the currency market was out of focus. However, this year, the Russian currency is experiencing an intense pressure. The single European currency has gained traction after financial meltdown and, mirroring the euro area recovery, took an uptrend to conquer new highs. Recently, the euro was able to fix firmly at 47.3185 rubles. Thus, the European local unit has rocketed to a new all-time peak against the Russian ruble. Before, the best result the euro could show was 47.25 rubles. Setting new records, the official exchange rate confirms bullish dynamics. As of January 25, the rate was 46.8985, and the daily gain was 79.35 kopecks. Meanwhile, the Russian currency is not the only one to suffer. The single currency strengthened against the U.S. dollar as well to 1.3698 dollars per euro, while it traded at 1.3547 dollars per euro a day ago. The experts explain the hike by the Fed’s decision to gradually reduce its quantitative easing program and also by the fact that the Russian regulator constantly changes the ruble’s trading range. The majority of analysts share the opinion that the ruble’s devaluation can last for the two-three months more. In case the Ministry of Finance decides to buy currency on open market to transfer it into the Reserve Fund, it will not allay concerns over the rate stability. On the contrary, it may exacerbate the situation.
