Educational program: What does the exchange rate depend on? Why is the ruble so unstable and what does the exchange rate in Russia depend on? Factors influencing the fluctuation of the ruble exchange rate

When talking about the ruble exchange rate, the Bank of Russia never gives forecasts on the exchange rate. He cannot answer the question of how much the ruble will cost in a day, week or month. At the same time, the regulator largely influences how much the currency will cost. Central Bank experts explained to The Village how the exchange rate is formed, what factors influence it, what happened to the ruble last year and what is happening right now.

How are exchange rates formed?

In the world there are different modes exchange rate, but in most countries it is determined by market processes. In some places, Central banks interfere in exchange rate formation a little more, in others a little less.

If the intervention of the Central Bank is minimal, the rate is called free floating. The Central Bank can control the exchange rate through purchase or sale foreign currency(this is what interventions are). If external factors push the national currency rate up too much, the Central Bank accumulates its reserves in foreign currency. Conversely, when the exchange rate sharply declines, the Central Bank is forced to spend its reserves. If negative factors are long-term, reserves can be wasted very quickly, and as a result, the exchange rate will still not be able to be maintained.

If Central Bank there are a lot of reserves, he can generally fix the exchange rate, that is, declare that he is ready to buy and sell any amount of currency at a pre-announced rate. In this case, no one will exchange currency at a different rate, although this is not prohibited. Fixed exchange rate policies were popular in the last century, but most countries have now moved away from them.

The ruble exchange rate was strictly fixed in 1995–1998, and was flexible, but strictly controlled in 2000–2008. It was after financial crisis 2008, when maintaining the ruble exchange rate cost Russia about a third gold and foreign exchange reserves, it was decided to move from exchange rate management to interest rate management and inflation targeting by 2015. ( We have already talked about what affects inflation. - Approx. edit.).

How the ruble fell

On schedule, by the end of 2014, the ruble began to float freely.
From that moment on, the Central Bank had no obvious or hidden goals for the exchange rate, and foreign exchange interventions (that is, the purchase large quantity currencies to maintain the exchange rate) are resorted to only in cases of threats to financial stability. When and how the Central Bank’s currency interventions took place, you can see.

The abolition of the existing currency corridor was announced on November 10, and in fact, the Central Bank’s foreign exchange interventions ceased on December 16.

On this day, the exchange rate fluctuated by 27%. For comparison: around the same time, Switzerland refused to peg the exchange rate to the euro, and jumps in the franc exchange rate within one day reached 31%. The sharp fall in the ruble exchange rate against the dollar and euro was very painful, but it was impossible to postpone the transition to a floating exchange rate.

What happened then with the ruble exchange rate is now often called devaluation.
But strictly speaking, this is not so. Devaluation is a planned and controlled decrease in the exchange rate of a currency in a controlled manner by the Central Bank. IN modern history In Russia this happened twice. The first time was in August 1998, the second time was during the global financial crisis in 2008, when the Central Bank, through massive interventions, pursued a policy of gradual devaluation.

What factors influenced the ruble exchange rate

The ruble has been under unprecedented pressure since February-March 2014. The difficult geopolitical situation and the introduction of financial sanctions have led to an increase in the risk premium for investments in Russian assets. All this, together with negative investor sentiment, increased pressure on the ruble exchange rate. It was possible to stabilize the situation in March only thanks to massive foreign exchange interventions, that is, at the cost of a significant reduction in Russian gold and foreign exchange reserves.

It was possible to stabilize the situation in March only thanks to massive foreign exchange interventions, that is at the cost of a significant reduction Russian gold and foreign exchange reserves.

Subsequently, a steady downward trend in oil prices was added to the negative factors, and the peak period for payments on external debts approached the end of the year. All this caused an even greater depreciation of the ruble and created panic about the exchange rate and inflation. They were fueled by expectations of a decline investment ratings Russia and Russian companies, fears of introducing capital controls and so on. Against this background, the rate dropped to a level that was significantly lower than the fundamentally justified one, or, more simply, determined by oil prices.

In December, the Bank of Russia partially compensated for the worsening situation with a sharp (first to 10.5%, then to 17%) increase in the key rate and a reduction to the minimum interest rates on operations to provide foreign exchange liquidity on a repayable basis. Simply put, if the Central Bank used to sell foreign currency, now it lends it.

How the ruble grew

After the dramatic period of late 2014 - early 2015 was over, the ruble exchange rate stabilized at a new equilibrium point. This happened for several reasons:

Oil prices stopped falling and even rose by a third compared to the minimum level in 2014.

Fears of restrictions on the movement of capital by the Russian authorities have gone away, and a round of downgrading of Russian country and corporate ratings has passed quietly.

There is almost no bad news regarding foreign policy.

The Central Bank's policy of providing liquidity (currency repo auctions) has reduced the cost of currency for Russian borrowers.

Inevitable slowdown Russian economy turned out to be significantly lower than experts' expectations. The Central Bank believes that it will be much less than, for example, in the post-crisis period in 2009, since the ruble exchange rate took the main blow.

When Russian assets that had fallen in price again turned out to be attractive among investors, the ruble began to win back its fall from last year.

What will happen next

The influx of investment cannot continue indefinitely; sooner or later it will weaken. This will happen when the exchange rate strengthens so much that the yield on some assets decreases too much and ceases to compensate for the depreciation of the ruble expected by investors due to inflation. That is, the appreciation of the ruble will stop, and the exchange rate will stabilize around the new values, which, in fact, is already happening.

Most likely, there will be no more sharp currency fluctuations, but the ruble will continue to fluctuate up or down.

Due to the fact that currency returns Russian assets reached the level of last fall, the Central Bank adjusted rates on currency repo transactions. This decision reduced the difference in returns between investing in dollar and ruble assets. At the same time, the ruble depreciated somewhat. Changes in interest rates on the Central Bank's foreign exchange and ruble operations will continue to have some impact on the ruble exchange rate, along with other factors. Among them are changes in oil prices, the introduction or lifting of sanctions, the dynamics of inflation expectations, the exchange rate monetary policy other countries and so on. Most likely, there will be no more sharp fluctuations in the currency, but the ruble will still continue to fluctuate up or down.

We thank the experts of the Central Bank and First Deputy Chairman Ksenia Yudaeva for their assistance in preparing the material.

Greetings! Over the past 10 years, the US dollar/ruble exchange rate has changed so sharply and so often that the negative consequences of the “currency swing” have been felt by all of Russia. In July 2008, one dollar was worth a little more than 23 rubles on the interbank market. At the beginning of 2015, the rate was already 65, and just five months later the dollar fell in price to 50 rubles.

The next “peak” occurred in February 2016. Then for $1 they gave more than 77 rubles. And finally, today the rate dropped below the psychological mark of 65 rubles.

What provokes such sharp jumps? Today we will talk about what the exchange rate in Russia and other countries depends on.

There are a variety of exchange rate regimes used around the world. But in almost all countries the market itself sets the rate. Typically, central banks only slightly adjust exchange rate settings (in some places symbolically, in others more harshly).

When the intervention of the Central Bank is minimal, then in simple words it is called a “floating exchange rate”. In Russia, the ruble exchange rate was strictly fixed from 1995 to 1998. And was under control from 2000 to 2008.

After the crisis, when it was necessary to maintain the exchange rate, it was decided to let the ruble float freely. But in fact this only happened in December 2014.

What factors influence the exchange rate

Trade balance of the state

The trade balance is the ratio of imports and export operations. The export of goods attracts foreign currency to the country (in Russia, this primarily applies to petroleum products). Imports, on the contrary, “wash” foreign currency out of the country.

A logical conclusion follows from this. If a state imports more than it exports (negative trade balance), then the national currency becomes cheaper due to high demand for foreign currency. And vice versa: when a country sells more than it buys, it has an abundance of foreign currency. And the exchange rate of the “native” currency usually strengthens.

By the way, a positive trade balance is also not always good. Especially if the difference between exports and imports is too large. The price of domestic goods for other countries becomes too high. Because of this, they lose their competitiveness in foreign markets.

The simplest example of a “for dummies” format. In the event of a sharp strengthening of the yuan, goods on AliExpress and others like it immediately become more expensive for Russians and residents of neighboring countries.

Store sales are falling, China's GDP is shrinking, and competitors are pushing the Chinese out of the market.

At different times, this happened in China, and in Japan, and in Great Britain, and in the USA. In this case, the central banks of countries are deliberately trying to “drop” rather than strengthen the exchange rate of the national currency.

Important point! Ideally, a country's trade balance should tend to zero (exports equal imports). With this ratio, the national currency exchange rate will remain more or less stable.

Macroeconomic indicators

The volume of GDP and the unemployment rate also seriously affect the exchange rate. In simple words, if in the country high inflation and unemployment, then the national currency becomes cheaper. But the growth of production strengthens and supports it.

On exchange rate influence not only actual indicators, but also forecast ones. For example, if officially published figures have serious discrepancies with forecasts, this is guaranteed to cause a sharp jump in the exchange rate.

Actions of the Central Bank

Central banks have several tools in their arsenal that can be used to influence the exchange rate. I won't go into detail about each one. Let’s look at only the “four” most significant ones.

• Currency interventions

With the help of currency interventions, the Central Bank can temporarily weaken or strengthen the national currency. He needs quite large quantities of foreign currency (at low or high rate).

The same laws apply here as in the regular market. When demand exceeds supply, the product becomes more expensive and vice versa.

Currency interventions are only possible if the country has decent foreign currency reserves. The larger the reserve, the easier it is for the Central Bank to regulate the exchange rate.

It is clear that the effect of VI is always temporary and short-term.

• Additional money issue

Almost always, additional money printing makes the national currency cheaper. The larger the money supply, the lower the value of money.

But there are exceptions to this rule. For example, we know from YouTube videos that the US Federal Reserve is constantly printing new dollars. Nevertheless, the “buck” remains one of the strongest world currencies. The thing is that the United States uses other tools very competently monetary regulation that curb inflation.

• Discount rate value

The value is set by the Central Bank. Just in case, let me remind you: the discount rate is the percentage at which the Central Bank issues loans commercial banks.

Lower cost of loans for households and businesses – more money flows into the economy - higher production of goods and services - more stable exchange rate. Therefore, the strongest currencies tend to be in countries with low interest rates.

• Operations with debt obligations

Any Central Bank can increase the rate of the national currency of the state internal loan or treasury bonds. Securities promise their owners a fixed income and potential growth in value. The state sells debt obligations to both individuals and legal entities.

Why is the national currency rising in price because of this? Purchasing bonds removes part of the money supply from the population. There is less national currency on the market - and its value automatically increases.

If it is necessary to “drop” the rate of the “native” currency, the Central Bank, on the contrary, begins active purchase own obligations. The money supply in the market “swells” - the value of the national currency falls.

Public confidence in the national currency

If the population of a country prefers to store money in foreign currency (which has already begun to happen in Russia), then there will always be an increased demand for it. This puts additional pressure on the Russian ruble.

Sometimes panic and rush demand are factors that influence the exchange rate more than objective reasons! True, the “panic effect” almost always does not last long.

Currency speculation

Large participants in the foreign exchange market can from time to time deliberately “swing” the rate in order to “skim the cream” from the transaction and earn speculative profit. The Central Bank may limit the actions of speculators by introducing sanctions. But “currency swings” are used much more often than the regulator would like.

Speculative jumps in exchange rates can be quite sharp, but they are always short-lived.

Force Majeure

What do financiers classify as force majeure? Mass protests, strikes, revolutions, military operations, terrorist attacks, natural disasters on the territory of a particular country.

September 11, 2001 is usually cited as an illustration of the impact of force majeure on the exchange rate. Immediately after the explosion of the Twin Towers in the United States, the dollar fell for some time around the world. In neighboring Ukraine, the hryvnia exchange rate fell sharply both after the “orange” revolution and after the latest events on the Maidan.

What factors, in your opinion, influence the exchange rate? Russian ruble Today?

18.06.2014 81 734 48 Reading time: 15 min.

In this article I want to tell you what does the exchange rate depend on?, and consider the main factors influencing the exchange rate. As you know, the exchange rate is one of the most important countries, and is very important for effective exchange rates. Therefore, any person who wants to put their personal finances in order and secure must have a good understanding of what the exchange rate depends on in order to quickly predict its changes and apply them in practice in order to improve their own financial well-being.

Factors influencing the exchange rate

Trade balance of the state

The trade balance is the ratio of exports and import operations. When exporting goods and services, foreign exchange earnings come into the country, and when importing goods and services, on the contrary, foreign currency leaves the country. Therefore, if the trade balance is negative, biased towards imports (the country imports more than it exports), this always puts pressure on the national currency, its exchange rate decreases, since the country develops a foreign currency deficit. And, conversely, when the trade balance is positive, biased towards exports (the country exports more than it imports), the national currency always strengthens, since the country has a surplus of foreign currency.

However, a positive trade balance is not always good, especially if its balance (the difference between exports and imports) is very large. An overvalued currency of a country is just as bad as an undervalued one, and maybe even worse. Indeed, in this case, the cost of its goods increases, and they become uncompetitive in foreign markets. In such a situation, the country's Central Bank takes actions aimed not at strengthening, but at reducing the exchange rate of the national currency. For example, 2-3 years ago this happened in Japan.

The trade balance is one of the key factors influencing the exchange rate. Ideally, a country's trade balance should be close to zero (that is, exports should be approximately equal to imports) - in this case, the exchange rate will be most stable.

Macroeconomic indicators of the country

This includes indicators such as the inflation rate, unemployment rate, gross domestic product etc. Each country calculates its own most important indicators, but the main ones are always similar. All these data characterize their directions of development of the state’s economy and have an impact on the exchange rate. For example, high inflation and unemployment always have a negative impact on the exchange rate of the national currency, while production growth, on the contrary, supports and strengthens the national currency.

The exchange rate is affected by both actual and forecast indicators, and particularly sharp jumps in rates can be observed during the period when the indicator is released, if its actual value does not coincide with the forecast one.

Policy of the country's Central Bank

The policy of the Central Bank is one of the fundamental factors. Here we should consider several areas of action carried out by the central banks of states, which have a strong impact on the exchange rate.

Issue of money

In most cases, additional emission stimulates a depreciation of the national currency, because its money supply is growing, which means the value of money is falling. But not always: so, say, the Federal Backup System The United States practically “non-stop” prints new dollars, and they continue to remain the strongest world currency, since they competently apply other monetary regulation instruments that curb dollar inflation.

Currency interventions

When the Central Bank needs to strengthen or weaken the national currency, it conducts, that is, sells or buys on the interbank foreign exchange market countries large quantities of foreign currency at a low or high rate, thereby reducing or increasing its value. All this happens at the expense of the state’s foreign exchange reserves, so the larger the country’s foreign exchange reserves, the more possibilities The Central Bank regulates the exchange rate.

Currency interventions tend to have a temporary effect. For a permanent strengthening or weakening of the exchange rate, the influence of other factors will be required.

Discount rate

Another regulator of the Central Bank - or the refinancing rate - is the percentage at which the Central Bank can issue loans to commercial banks. The lower it is, the more accessible credit resources are, the more loans are issued to the economy, the more goods and services are produced, and therefore the more stable the exchange rate of the national currency. Experience shows that countries with the lowest interest rates have the strongest currencies in the world.

Operations with debt obligations

If the Central Bank wants to increase the exchange rate of the national currency, it issues and sells to legal and individuals their debentures(so-called government domestic loan bonds or treasury bonds) - securities, which involve receiving a fixed income and the opportunity to make money on the growth of their value. Thus, he removes money supply national currency, it becomes smaller, which means its value increases. The profitability of such bonds is directly dependent on how much money the Central Bank plans to collect, and their reliability is guaranteed by the state.

When it is necessary to reduce the exchange rate of the national currency, the Central Bank, on the contrary, begins to buy up its obligations, increasing their value, thereby increasing the money supply.

Verbal interventions

Many central bank policy instruments can have an impact on the exchange rate, even if they are not actually applied, but are so-called. “verbal”, that is, voiced only in words. For example, the Central Bank declares that it plans to conduct a large foreign exchange intervention, traders in the markets, in anticipation of a strengthening of the national currency, begin to buy it, and the rate rises naturally, even without the actual implementation of this intervention.

The Central Bank is the body in the state that is entrusted with maintaining a stable exchange rate of the national currency, therefore it always has a number of effective levers in reserve, which it uses as necessary and possible.

Large investment projects and foreign trade contracts

Speaking about what the exchange rate depends on, it should be noted, so to speak, the future plans of the state, which are directly or indirectly related to the inflow or outflow of foreign currency. The implementation of such projects may have an impact on the trade balance, and this is the main factor influencing the exchange rate.

Implementation of large investment projects can plan both outflow and inflow of currency, large export contracts imply an influx of foreign currency earnings, and imported ones imply an outflow. If this is planned (for example, contracts have already been approved and signed), further actions may affect the exchange rate.

Public confidence in the national currency

The extent to which the population trusts their country's currency greatly influences the exchange rate. If people prefer, it means that there is always an increased demand for it, which will have a negative impact on the exchange rate of the national currency. And this demand, if it exists, is very difficult to stop. Even if the Central Bank begins to apply its regulations, for example, it limits the sale of foreign currency, introduces additional commission fees for these operations, prohibits foreign currency deposits etc., this often leads to the opposite effect: a black market for currency begins to operate, where it is sold at even higher prices, panic begins among people, a currency rush begins, which leads to sharp jumps in the exchange rate.

During a period of panic, a situation always arises when (even with large commissions) in order to maintain a foreign exchange position, which further develops the black market and inflates the exchange rate to unimaginable limits. Surely you all periodically observe a similar situation.

By creating a rush demand for currency, people themselves provoke its growth. The preferences of the population and panic sentiment are very important factors influencing the exchange rate. In some situations, they are even the only ones! (that is, there are no other serious prerequisites for the growth of the foreign exchange rate, but it is growing solely due to panic). As a result, this always leads to an equally rapid drop in the exchange rate, and all those who bought currency at the peak of the panic find themselves at a loss. Therefore, always think carefully and do not panic in the absence of other factors affecting the exchange rate!

Currency speculation

It often happens that large participants in the interbank (or even global) foreign exchange market deliberately “swing” the exchange rate in order to obtain speculative earnings. Seeing such a case, the Central Bank may intervene in the process, imposing certain sanctions on these participants, but still this situation is far from uncommon, and everyone involved has probably observed it more than once.

The so-called “currency swings” can have a very serious impact on the exchange rate, but it will be short-term, so this situation can be used to earn money, but in no case to transfer your savings from one currency to another.

Force majeure

And finally, speaking about factors affecting the exchange rate, we cannot fail to mention force majeure circumstances. For example, military actions, serious protest movements, mass strikes, terrorist attacks, etc. also always have a serious impact on the exchange rate of the country in which this occurs. This impact can be either short-term in nature, if the circumstance is quickly eliminated, or protracted, if it continues for a long time, or has led to irreversible consequences in the economy and financial sector, requiring long-term recovery.

For example, everyone probably remembers that when a major terrorist attack occurred in the United States on September 11, 2001, the dollar exchange rate fell sharply around the world. However, this drop turned out to be short-lived.

I have only briefly listed the main factors influencing the exchange rate. Of course, you can consider each of them in more detail, but this information will already be enough to navigate currency pricing and learn to correctly predict changes in exchange rates, which will allow you to avoid mistakes and will have a positive impact on the state of your personal finances.

That's all. The site strives to ensure that your financial literacy has always met the requirements of current realities. Stay with us and stay tuned for updates. See you again!

Estimate:

The R2 coefficient indicates the presence or absence of a linear relationship between two variables, and the Pearson coefficient is the degree of correlation: positive when the instruments move in one direction, negative when the instruments move in the opposite direction. In 1999, 2002, 2004 and 2005, the correlation between oil prices and the ruble exchange rate was negative, meaning they moved in different directions. In 2000, 2003, 2004, 2006, 2010 and 2013, no connection between prices can be traced at all. In 2001, 2007, 2008, 2009, 2011, 2012 and 2014, the connection, on the contrary, is very clearly visible, and the correlation is positive, that is, oil and the ruble moved in the same direction. Thus, we can conclude that the ruble exchange rate did not always depend on oil prices. But during periods of crisis, the connection between them increased and they began to move in the same direction.

What does the exchange rate depend on? What does the dollar to ruble exchange rate depend on?

Purchasing goods abroad (imports) increases the demand for currency, it becomes more expensive and weakens the ruble. When exporting, currency, on the contrary, enters the country, it becomes abundant, it becomes cheaper, and the ruble strengthens.

What does the ruble exchange rate depend on?

Dollar dynamics

• Select the rate of the Central Bank of the Russian FederationExchange rate
• Chart period WeekMonthHour4 hoursDay

About 100 years have passed since the whole world began to follow the exchange rate of the American dollar. People watch any of his rise or fall with close attention.

What does the dollar exchange rate depend on? What reasons determine the price and growth of the dollar, the ratio of the values ​​of currencies of different countries? Why does it sometimes become cheaper? You will find answers to these questions below. The reasons for the ups and downs will be discussed in this material.

Changes in the indicated value, first of all, depend on the lending system, which dictates its conditions to the whole world. To be more precise, the country’s economic system, which repays loans taken from American banks.

Just about something complicated: what does the exchange rate in Russia and in the world depend on?

South Africa - typical raw material country, although the structure of exports there is completely different: mainly precious metals and diamonds. Traditionally high key rate(on this moment 6.5%) attracts risky investors to carry trade operations.
Interest in them especially increases during periods of stability in the markets. In this respect, there is also a similarity with the ruble.

Attention

An abnormal drop in correlation occurred in the 2nd half of 2014 – 1st half of 2015. Obviously, this was due to the specifics of the already mentioned banking crisis in Russia.

What does the exchange rate depend on in simple words?

Info

What does the exchange rate depend on - the main factors

Blog lazy investor, notes on investing You need to know that the ruble exchange rate to American dollar determined by world oil prices, everyone has heard. The extent of this dependence is still the subject of heated debate even among professional economists. Recently, the leadership of the Central Bank of the Russian Federation and the Ministry of Finance has been increasingly talking about “decoupling” the ruble exchange rate from oil and stabilizing financial system. Is this really so and what does the ruble exchange rate depend on most? The main sources of foreign currency income in Russia The profitability of my investments for 2017 is about 30% per annum, read more latest news my investments can be found in weekly reports. I recommend that every reader take the lazy investor course. The first week is absolutely free.

What does the ruble exchange rate depend on and how to predict it

Since inflation will be under control, by and large, what the exchange rate will be does not matter at all,” the BBC quotes Russian Deputy Finance Minister Alexei Moiseev. October 6. Dollar 40 rubles “The exchange rate of the ruble, of course, is affected by the price of oil, but I want to especially emphasize that all these factors operate for a limited period of time,” said the head of the Bank of Russia, Elvira Nabiullina. 10th of November. Dollar 45.8 rubles “You know that today the ruble exchange rate is subject to significant fluctuations. Our financial authorities are taking necessary measures. Central bank The country continues its inflation targeting policy...The surges that we are seeing in the foreign exchange market will soon stop,” said Russian President Vladimir Putin. December 1. Dollar 54 rubles “Amounts of $10 thousand and €10 thousand.

Five reasons affecting the ruble exchange rate

This is done in order to avoid economic crisis. The conclusion follows from this: the currency of the country that produces the most goods will occupy a leading position throughout the world.

Today this country is America. Exchange Rates. Interest rates What determines the exchange rate of a currency? To answer this question more fully, it is necessary to have knowledge in the field of finance.

But more to the point in simple language, then this is the diagram. All states use interest rates to conduct their own monetary policy and controlling the exchange rate. As you know, the size of this interest rate Several factors always influence: the level of inflation, government policy, demand for a certain currency.

What affects the dollar exchange rate: factors of growth and decline

Due to the emergence of demand for American currency, it became an expensive and powerful monetary unit market economy peace. According to financial experts, 61% of money issued in the global economy is dollars.

Millions financial transactions carried out using dollar currency. Large volume of issued financial resources leads to the fact that inflation can be colossal.

We can conclude that it is the economy of the United States of America that determines the exchange rate of the dollar currency. The more stable the economic condition of enterprises, the higher the level of industry, the more powerful the economy, the more stable the monetary unit.

The lower the debts of the borrowing state, the stronger its currency. Behind in cash Such a territory is undoubtedly worth not only its obligations, but also its resources. The above conditions are violated by the USA. Since June 2011, the US economy has been weakening.

What does the exchange rate depend on?

I’m sure some would sell their souls to be able to predict the ruble exchange rate. However, few succeed in this with great accuracy and regularity. Are there people who can give accurate forecast? Surely those who manage our economy should definitely know what will happen to national currency. In 2014, the ruble depreciated in value against foreign currencies by half. Let's first remember what the people responsible for the Russian economy said about the ruble exchange rate. What did officials say about the ruble exchange rate in 2014? The ruble began to weaken immediately from the beginning of 2014. In January 2014, the ruble fell against the dollar by 6.8% and against the euro by 6.2%. The population was worried about devaluation, but what did the officials say? January 15. Dollar - 33.24 rubles “B” Lately there was a certain tendency towards a depreciation of the ruble, associated with the policies of the Federal Reserve and the policies of the ECB.

Why is the dollar exchange rate higher than the ruble? Russia is a very powerful state, but why is the dollar more expensive? And what does the dollar to ruble exchange rate depend on? The ruble was not always cheaper than the dollar. But recently this trend has simply taken root in Russia.

For several decades now, the dollar has been worth significantly more than the ruble. It is quite simple to explain this pattern. Before the abolition of the gold standard, the value of each currency was confirmed by the gold reserve of its state.

Money differed solely in weight, shape, design and quality of metal. But after the abolition of the standard for each monetary unit Various factors began to exert pressure.

They subsequently began to determine its value in relation to other currencies. There is not enough gold for everyone, and this is a fact. Therefore, most countries try not to issue more money than the goods produced in the country.