#AceNewsServices – MOSCOW, October 15. – Today it was reported that the Russian currency’s exchange rate has plummeted amid a sharp fall in world oil prices while measures planned by Russia’s financial and monetary authorities can only mitigate the ruble’s fall, according to experts polled by TASS.
Oil price plunge to provoke revaluation of oil companies’ worth — experts
Russia’s Finance Ministry then announced plans to hold foreign currency deposit auctions for Russian banks while the Central Bank plans foreign exchange repo transactions to prop up the national currency.
But these measures are hardly likely to prevent the ruble’s further decline, if world oil prices continue to go down, experts said.
The downward trend on global oil markets have not yet affected the Russian stock market but revaluation of oil companies’ worth is near at hand, analysts said, adding this would happen after investment banks reviewed their long-term oil price forecasts.
Oil hits the ruble
The US currency rose to above 41 rubles to the US dollar on the Moscow Exchange on Wednesday amid rapidly declining oil prices.
The ruble has been falling for seven consecutive trading sessions and the national currency has shed 2.6 rubles against the US dollar in the past four weeks.