MOSCOW (Sputnik) – The ruble exchange rate is plummeting against dollar and euro on Thursday, with the Russian currency trading at 74 to $1 amid the coronavirus pandemic and low oil prices, according to the data of the Moscow Exchange
As of 10:09 Moscow time (07:09 GMT), the dollar exchange rate was increasing by 96 kopecks to 73.91 rubles, while the euro exchange rate was increasing by 1.27 rubles to 83.41 rubles, for tomorrow settlements.
Brent futures for delivery in May are down by 4.14 percent to $34.31 for barrel.
Russia’s stock markets plunged upon opening Thursday, with the Moscow Exchange index falling below 2,400 for the first time since January 2019.
By 10:40 a.m. Moscow time (7:40 GMT), the MOEX index was 4.3 percent in the red – at 2,386 points – while the RTS index fell by 6.4 percent with 1,015 points.
Earlier this week, Moscow Exchange Index fell 10%, while Russia Trading System Index lost 12.6% early on Tuesday following the biggest slump in oil prices nearly in three decades.
OPEC has had production cutting pacts since 2016 with non-member allies led by Russia. The wider alliance, known as OPEC+, met in Vienna last Friday to discuss production cuts. After the talks, OPEC+ issued a statement saying it would continue consultations to stabilise the oil market, without mentioning any deeper cuts.
Besides low oil prices, the COVID-19 that has been recently pronounced a pandemic, has also made a contribution to the falling markets worldwide.