Euro Reaches 88 Rubles First Time from March 30

The euro added 1.56% and climbed to 88 rubles during the trading session on the Moscow Exchange on Friday, according to trading data.

The euro was at such level last time on March 30 of this year.

The euro decelerated later on to the increase by 1.13% and was traded at 87.63 rubles. The dollar rose by 1.6% to 74.34 rubles at the same time.

Brent oil futures prices with settlement in October 2020 dropped by 0492% to $43.04 a barrel on the London-based ICE today. The WTI oil was traded at $39.76 a barrel, down 0.4%.

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Oil price plunge pushes ruble to seven-month lows

A plunge in prices for Russia’s main export, crude oil, sent the ruble crashing to its weakest level since January, threatening to push the country’s already-shrinking economy deeper into recession.

Russia’s ruble eased as far as 71.65 to the U.S. dollar on Monday as concerns over the Chinese economy drove the price for Brent crude below $45 a barrel for the first time since March 2009. The ruble was trading around 36 to the dollar this time last year.

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Retailers announced downturn in prices

Suppliers explained the price increase with the increase of product cost in foreign currencies during the devaluation of the ruble. Now retailers are waiting the same trend when the ruble is strengthening.

Director of External Communications of Auchan Russia said that prices have already fallen for cereals and canned food. As for fresh products, seasonality is very important: for example, prices for fresh fish has fallen by an average of 30% since December 2014 due to seasonality and ruble prices.

Most retailers have their own import departments, and it is easier for them to revise the prices for some imported products, they can more quickly react to changes in exchange rates. “The most notable changes can be seen in prices of vegetables, fruits, fish and seafood,”- said the representative of the Russian network of Metro Cash & Carry. Prices for fruits and vegetables have decreased by 10-11%, prices for fish – by 10-15%.

Negotiations between retailer and suppliers are in the process.

www.top.rbc.ru

 

Boycott harmful to Russia and EU

Tensions between the EU and Russia are increasing. Russian interference in the political turmoil in Ukraine and the alleged presence of Russian troops in the Crimea, led to the EU imposing sanctions against Russia. At the time this article went to press, there was as yet no official reaction from Russia. However, the EU already announced further sanctions. And although political responses are difficult to predict, the tensions also affect the European fruit and vegetable sector.

“We have to wait and see what impact this will have, and whether counter restrictions, are to be expected,” says Inge Ribbens of Frugi Venta. “Until now, fruits and vegetables are still exported. Potatoes have an import ban, but the sector isn’t affected yet.” Arjan Zoutewelle of the same import and export company, sees tensions rise. “I noticed that the sector, say forty percent of it, is nervous, and that there is uncertainty about the devaluation of the ruble. In the long run, a low ruble is not good for business. In Russia, imported products are therefore more expensive.”

If there is a threat to domestic crops or human health, boundaries are often closed, but there may also be a political agenda behind a boycott. In February, Romain Cools of Belgapom suspected a political agenda behind the potato import ban on Russia. He then said: “Russia is not only closed to the potato and the seed potato sector, but now European pork is no longer allowed in. The Russians found an alternative with American pork, which increasingly seems to point to a political motive.”

Exports to Russia mainly consists of products such as machinery, chemicals and processed products. About eight percent of exports consist of food and live animals. Fresh produce makes up the biggest part. In general, a boycott of European fruit and vegetables to Russia may be more problematic than in Europe, expects Arjan Zoutewelle. The world can’t always meet Russian demand. It also depends on the countries and products that fall under a boycott. More worrying is when the Russian border is closed and there is a good harvest in Europe. “If there is a boycott, we better not have over-production in Europe, because then we really need Russia to buy our production peaks.”

www.freshplaza.com

Ruble hits 2-year high against dollar

The Russian ruble hit fresh highs Wednesday, a day after the central bank announced it had widened the trading corridor it uses to manage volatility in the currency.

Russia’s currency closed at 28.55 rubles against the dollar, its highest level since December 2008. It traded at 33.31 rubles against a basket of euros and dollars, its highest level in two years.

A wider trading corridor is intended to promote a stronger ruble and help the central bank keep a lid on inflation, which has surged amid a crippling drought last summer and a rapidly growing money supply.

The currency may strengthen to 33.0 rubles versus a basket of dollars and euros as traders try to test the currency’s new trading corridor, which was widened to five rubles by the central bank, VTB Capital said.

Source: online.wsj.com