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MOSCOW, November 14. /TASS/. The euro opened 1.4% up against the ruble to 59.07 on the Moscow Exchange on Friday while the dollar climbed by 1.3% to 47.45 as world oil prices continued to fall.
The price of Brent crude oil has fallen below $77 per barrel to $76.76, the lowest level since March 2010, according to the ICE data.
Brent prices have slumped by about 32% since June.
Formally, the ruble’s further fall could be explained by declining oil prices. However, the ruble’s current trading levels already match the scenario of persistently low oil prices for the next twelve months, VTB Capital analyst Maxim Korovin said.
“The volatility that has increased significantly is affecting the foreign exchange market liquidity very negatively, which in turn intensifies any price movements both positive and negative,” the expert said.
“The ruble is the worst performer by implied volatility among emerging market currencies: it has reached 26.1% over the month and was as high as 33% last week. Amid this background, future dynamics of the foreign currency market are quite difficult to predict,” the expert said.