US dollar rapidly rising in Russia

Baku. 12 November. REPORT.AZ/ Yesterday, on November 11, USD exchange rate exceeded 66 RUB in Russia.

Report informs, the exchange rate higher 66 RUB recorded on August 4 current year last time.

The Analytical Group of Report News Agency considers that ruble decline is due to strengthening of US-dollar in the global currency market after the US presidential elections and decrease of oil prices below 45 USD/barrel. Republican candidate Donald Trump's winning led to sharply reduced exchange rates of local currencies in developing countries. In general, with few exceptions, the US dollar strengthened compared to most of the world currencies. This is related to Trump's support to the protectionist economic policy as well as to increase in the US Federal Reserve System (FED) discount rate.

Trump's statement to impose extra import customs duties on Chinese goods caused sharp decline of yuan in comparison with the US-dollar. This factor had a negative impact on the all world currencies, including ruble exchange rate. Strengthening of US-dollar led to decline in oil prices. Global oil production rapidly rose in October and reached 97.8 million barrel/day, which further increased pressure on oil prices.

The Analytical Group of Report News Agency forecasts continuation of the process of dollar strengthening till the Fed's next meeting on December 13-14, further decline in oil prices after OPEC Vienna meeting (November 30) and US-dollar exchange rate to exceed 70 RUB/USD as a result.