The ruble rises in price on the international foreign exchange market on Monday, following the price of oil and emerging currencies, amid the data on the European economy, which showed a record-breaking jump in business activity.
According to ICAP, the UK’s largest inter-dealer broker, at 18.06 Moscow time, the dollar-ruble pair is quoted at 74.84 rubles per dollar, 37 kopecks below the closing level of the session on the Moscow Exchange on Friday.
The euro exchange rate against the ruble is reduced by 15 kopecks, to 90.36 rubles.
Brent crude oil rises in price by 1.17% to $ 67.54 per barrel; Most EM currencies are in positive territory, with the Brazilian real adding 0.47% and the Mexican peso 0.3%.
The ruble started the day lower to 75.8 per dollar, but reversed after IHS Markit published data on business activity in the euro area.
The PMI of the manufacturing sector in Europe in April rose from 62.5 to 62.9 points and reached a record level for all data (since 1997) amid growing demand for products and massive hiring of new employees.
At the end of the first quarter, the euro area economy fell by 0.6%, and a quarter earlier sank by 0.7%, finding itself in the second technical recession since the beginning of the pandemic.
“The euro area has been harnessed for a long time when it comes to economic recovery,” notes ING economist Bert Kohlain.
But as vaccination picks up steam, the process seems to have begun, he says: “It is already clear that the second quarter will be significantly stronger than the first” (quoted by Reuters).