The dollar exchange rate fell by 2.04 rubles or 3.3% – to 59.86 rubles. – at the beginning of trading on Friday, May 20, according to data from the Moscow Exchange. The dollar exchange rate on Mosbirge fell below 60 rubles for the first time since April 9, 2018.

The euro fell below 61 rubles for the first time since April 2017.

The yuan exchange rate fell by 9 kopecks or 1% to 9.08 rubles.

The U.S. dollar and the euro noticeably accelerated the pace of growth on the Moscow Exchange on Friday in the first half of the day. The dollar exchange rate at moments fell to almost 57 rubles for the first time since the end of March 2018, the euro fell to almost 59 rubles for the first time since April 2017. Soon after this collapse, the dollar and euro exchange rates recovered losses a little.

Thus, at 11:12 Moscow time, the dollar exchange rate was 58.63 rubles, which is 3.28 rubles lower than the previous close. A little earlier, the dollar rate fell to 57.075 rubles. The euro by this time cost 60.92 rubles, having fallen in price by 3.49 rubles. Earlier, the euro rate fell to 59.02 rubles. The bi-currency basket decreased by 3.37 rubles to the closing level on May 19, down to 59.66 rubles.

According to experts of Interfax-CEA, the ruble is strengthening against the dollar and the euro against the background of expensive oil, the quotes are supported by the news that the finance ministers and heads of central banks of the “G7” countries could not work out a common strategy regarding the refusal or reduction of Russian oil imports. This was said on Friday by the head of the U.S. Ministry of Finance Janet Yellen.

According to the International Energy Agency, Russia has earned 50 percent more on oil exports this year due to rising quotations compared to the same period in 2021. High oil prices under the budget rule, currency restrictions by the Central Bank of the Russian Federation, as well as a decrease in imports due to sanctions by Western countries have led to the “overhang” of currency in the domestic market and the corresponding strengthening of ruble quotations.