The U.S. dollar and euro are noticeably cheaper on the “Moscow Exchange”. The dollar exchange rate fell below 62 rubles for the first time since January 24, 2020, the euro at the moment fell also below 62 rubles for the first time since May 16, 2017.

The dollar exchange rate at 11:49 Moscow time was 61.95 rubles, down 1.49 rubles to the closing level of the previous trading day. At the same time, the euro was trading at 64.82 rubles, down 1.88 rubles from the previous close. The cost of the dual-currency basket decreased by RUB 1.67 to RUB 63.24. – to 63.24 rubles.

According to Interfax-CEA experts, the ruble has significantly accelerated its growth rates against the dollar and the euro in the afternoon trading, having updated multi-year highs in both pairs. The support to the quotes of the national currency continues to be provided by high oil prices in the conditions of suspension of the budget rule, as well as preparation of exporting companies for the peak of tax payments in May. Next week, exporting companies will have to transfer VAT, mineral extraction tax and excise duties to the budget.

According to the budget rule, the Russian Ministry of Finance buys currency on the domestic market if the oil price exceeds the established benchmark, and sells currency if the oil price drops beyond the specified value. In the budget of the Russian Federation for the current year the benchmark oil price is $44.2 per barrel, according to the data of the Ministry of Finance the average price of Urals oil for the monitoring period from April 15 to May 14 was $73.24 per barrel

Russia sees no serious problems and crisis in oil production and is looking for new export opportunities, partners and financing, Deputy Prime Minister Alexander Novak said on Thursday during the New Horizons marathon. He noted that Russia is redirecting oil to new markets, solving logistics and finance issues, and companies are feeling confident. At the same time, Russia has almost restored oil exports, Novak said.