“The depreciation of the euro on the Moscow Exchange is a consequence of the fact that the European currency is steadily weakening against the dollar on the world market.
After all, the Central Bank of the Russian Federation sets exchange rates in accordance with their position on foreign exchanges.
And now the situation is such that, against the background of the expectation of a tightening of the Fed's monetary policy, the euro is significantly losing its positions against the dollar (the ECB maintains the rhetoric of relatively low rates),” the expert said.
He added that investors are showing an increase in interest in dollar assets and are leaving the euro, which leads to a fall in the European currency against the dollar.
“The same dynamics is reflected in the positions of currency pairs on the Russian market.
In addition, the restrictions imposed by the Central Bank of the Russian Federation (regarding the sale of 80% of the proceeds by exporting companies), payment for natural gas in rubles by the EU (some countries), as well as a reduction in imports in the country, have some influence on the euro exchange rate,” the specialist explained. .
The analyst also stressed that the rise in inflation in the euro area and the expectation of the continuation of this process are factors that the euro will continue to fall in price.
“Surely in the medium term we will see parity in the prices of the dollar and the euro in the Russian market - that is, there may not be such a gap in the value of currencies as it was before (about 10 rubles).
Both the dollar and the euro will trade about the same, ”concluded the interlocutor of RT.
Earlier it became known that the euro exchange rate during trading on the Moscow Exchange fell to 74 rubles for the first time since March 2020.