At the beginning of trading on Moscow Exchange, Russian Ruble has sharply depreciated. The US Dollar as of 10:05 reached 80.2 Rubles, an increase compared to Friday’s closing of 1.76 percent, the Euro – 88.87 Rubles, an increase of 1.21 percent.
The Ruble is getting cheaper amid the introduction of quarantine measures in Russia, and the fall in oil prices, which on Monday night exceeded five percent. In particular, the price of Brent dropped below $24 per barrel.
Major Russian stock indices also go down. The Moscow Stock Exchange index fell 1.7 percent, while the RTS index dropped 2.8 percent.
Oil quotes are falling due to a sharp excess of supply over demand. According to Bloomberg, real transactions in the United States at a futures price of $20 per barrel are at $10-15. There cases when oil companies paid extra to customers to take raw materials have already been recorded.