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Euro rises above 85 rubles first time since 2014 amid falling oil prices

January 15, 2016, 17:01 UTC+3 MOSCOW

The dollar rose by 1.6 rubles to 77.65 rubles

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© Dmitriy Rogulin/TASS

MOSCOW, January 15. /TASS/. The euro has risen by 2.46 rubles to 85.07 rubles in the course of the trading session on the Moscow Exchange on Friday, rising above 85 rubles for the first time since December 2014.

The dollar rose by 1.6 rubles to 77.65 rubles.

Ruble weakens amid falling oil prices. Thus, the price of the futures contract for Brent crude oil March delivery declined by 4.37% to $29.63 per barrel on the Intercontinental Exchange (ICE). Since the beginning of 2016 Brent crude oil price has fallen more than 20%.

The Russian federal budget for 2016 is based around the oil price of $50 per barrel. The Finance Ministry proposed to adjust the budget at the rate of $40 per barrel. Ministries and departments need to present their proposals on a 10% reduction of their spending to the finance ministry before mid-January. The adjusted budjet will be presented at the end of Q1 2016.

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