At the beginning of trading on Moscow Exchange on Tuesday, November 21, the dollar exchange rate dropped below 88 rubles, which happened for the first time since June 30, according to data sites. At its minimum it reached 87.93 rubles, after which it adjusted slightly.
The euro exchange rate fell to 95.76 rubles, which also became the minimum since June 30. Over the past month and a half, the ruble has strengthened against the dollar by more than 12 percent.
This dynamic was facilitated by decree president of the country Vladimir Putin on the sale of foreign currency earnings in relation to a number of companies, as well as exchange rates introduced on October 1 to increase fees from exporters.
Both decisions are aimed at increasing the inflow of currency to the exchange. How indicate representatives of companies covered by the decree, the document is formulated in such a way that they often have to first look for a way to buy foreign currency abroad and then sell it under the guise of foreign currency earnings.
In turn, a number of industries that faced export problems suffered from the new duties. In particular, in October sharply fell supplies of Russian coal to China – from 9.24 million tons a month earlier to 7.64 million tons. After the price increase, fuel turned out to be noticeably more expensive than Australian fuel.
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