Following the oil prices crash, the Russian ruble now ranks as the world’s second most volatile currency yielding only to the Mexican peso, according to Bloomberg.
The ruble is becoming increasingly unstable: last December, it ranked sixth among the most volatile currencies, while on March 6, just prior to the OPEC+ deal collapse, it ranked fourth.
On March 18, the Russian currency slid five rubles against the US dollar. Currently, the exchange rate is over 80 rubles per one US dollar and 88 rubles per one euro. According to experts, this could be due to investors, who previously invested in Russian securities, starting to leave the market, RBC business daily reported.
Yet, economists say oil prices could climb back. This, however, would require certain positive news, such as substantial progress in tackling the coronavirus. No experts are willing to give any forecasts for the second half of the year. According to them, during its first half, the ruble will be trading in a range of 75-80 against the US dollar.