SKB-Bank: U.S. Dollar Might Cost RUB 70 Next Week

2 March 2020 (09:11)

UrBC, Yekaterinburg, March 2, 2020. The current panic on the global finance markets might result in the U.S. dollar reaching the price of RUB 70/USD 1 on the Russian market next week, experts say.

It is said the end of the week came with storms in the ruble’s safe haven: the spread of the coronavirus brought with it an increase in the ruble bonds’ profitability, a drop in the price of shares, and even more doubts as to what (if anything) could be done given the current state of affairs.

‘The only thing that can be predicted at the moment is that as soon as the markets reach their all-time low the only further direction will be up. Which is good news. Now the bad news is that we keep falling, with no low point in sight just yet. Unless there occurs a miracle, and the humanity thinks up a way to contain the coronavirus over the weekend, the exchange rates might come to RUB 70/USD 1 and RUB 77/EUR 1 next week,’ SKB-Bank’s Finance Market Director Alexander Kravtsov said to UrBC.

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