The ruble rose in price in the second half of trading on the Moscow Exchange on Thursday and renewed its highs against the dollar and the euro.
The American currency fell to 71.7 rubles, the lowest since July last year, while the euro reached 87.3 rubles, a new low since January.
The steep decline in exchange rates – by 50-60 kopecks in less than two hours – began three minutes after the inflation statistics for May were published in the United States.
The data showed that the growth rate of consumer prices in the largest economy in the world was a record in 13 years (5%); core inflation has peaked since 1992, and the rate at which commodities have appreciated – 6.5% – has been unprecedented since the early 1980s.
And although the “leap” of the ruble was confined to statistical data, it took place in splendid isolation and caused bewilderment among traders.
So, for example, the index of the dollar index in Forex an hour later went into plus, and the exchange rates of developing countries practically did not change.
The ruble was “thrown up” by a large sale of currency, which triggered stop-losses for traders who bought the dollar based on the rate under inflation data, a dealer for a large Western bank told Reuters.
Nevertheless, according to him, the correction of the ruble “is already overdue” and may begin in the near future.
The ruble is supported by hopes for a meeting between the presidents of the Russian Federation and the United States on June 16 in Geneva, as well as expectations of an increase in the rate of the Central Bank of the Russian Federation, says Andrey Kochetkov, a leading analyst at Otkritie Broker.
The money market quotes the growth of the key rate by 50 basis points this Friday and two more similar steps up in a row.