The beginning of the trading day on the Moscow Exchange saw the ruble tumbling, trading at 55.1 against the dollar and 62.6 against the euro – its lowest levels since April 7.
A week in the life of the ruble...almost like old times! http://pic.twitter.com/chb4s2Yrma
— Tim Millard (@TJMRussia) June 4, 2015
Falling oil and renewed shelling in Donbass are the key factors behind the ruble’s slide, experts say.
“The news about resumed fighting influenced [the ruble - Ed.] perhaps even more,” Oleg Kuzmin, chief economist for Russia and the CIS at Moscow-based Renaissance Capital, told RBC. “This day reminded the players that the recent lack of news from Ukraine does not mean that the situation is resolved.”
The ruble has lost more than 4 percent this week as OPEC member states are expected to keep oil output quota unchanged – at 30 million barrels a day – at a landmark meeting Friday. Brent crude is trading at $64.19 per barrel, nearly 3 percent less than two days ago.
READ MORE: At least 5 civilians, 14 militiamen killed in Donetsk shelling by Kiev – local officials
The value of the euro is rising amid growing expectations that Greece will soon put an end to five months of talks and capitulate to its international creditors over its multibillion euro debt. Greece and the troika of international lenders, the IMF, the ECB and the European Commission, expect to reach a debt agreement within days, if not hours, French President Francois Hollande said Wednesday.
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