| |  While the dollar dropped against the ruble, the euro climbed against the Russian currency on Wednesday. The euro went up by RUR 0.18 to 35.11 RUR/EUR.
This has been the most significant depreciation of the ruble since the beginning of the year, which allowed the European currency to recoup its losses from Tuesday, when the ruble rose against the euro by RUR 0.08.
The dollar’s depreciation and the euro’s rise against the Russian currency were in line with developments in the international markets, where the dollar dropped sharply. The euro was buying $1.3785 in Wednesday’s morning trade, the highest level ever recorded,but then edged down in later trading, to $1.3745 by late morning.
The dollar’s fall was triggered by the Standard & Poor’s ratings agency’s threat to downgrade the credit ratings on some $12bn of bonds backed by US subprime home loans, and by poor forecasts for US retailers. American analysts expect the dollar to decline further against the euro over the next few years, to $2.5-3 per euro.
"Alliance Media" News Agency, based on the story by RBC
|
Euro hits record high against ruble
