Since March this year, the exchange rate between the Russian ruble and the US dollar has fluctuated to a large extent. Under the suppression of the United States and the European Union, especially after Russia's major banks were removed from the SWIFT international settlement system, it once reached a low point of needing 150 rubles to exchange for 1 US dollar.
However, after Putin President took measures such as "rubles purchase natural gas ", the ruble exchange rate stopped falling and rebounded. At its peak, it increased significantly to a high level where only 50 rubles were needed to exchange for 1 US dollar. The Russian economy has stabilized as a result and has taken advantage of high energy prices to earn excess profits.
Currently, the currency trends of many countries are relatively sluggish, but the ruble has come out with its own style. I thought that the Russian authorities would be satisfied, but the reported information was just the opposite - the Russian authorities were dissatisfied with the current strong ruble and believed that it would reduce the competitiveness of Russian exports.
The strength of the ruble will keep the prices of Russia’s exported commodities at a high level, which is not conducive to Russia’s strengthening of economic and trade cooperation with friendly countries. In light of this, Russia's finance minister said they may buy "currencies of friendly countries" to counter the sharp rise in the ruble.
Perhaps it is the impact of this new policy that the ruble exchange rate has fallen slightly and currently remains at 63 rubles per US dollar, but it is still higher than last year. The average exchange rate for the entire second quarter was 66.51 rubles per US dollar, an appreciation of 11.7% compared with the same period last year.
The ruble is appreciating, but the euro is depreciating.
The Russian ruble exchange rate seems to be a blessing in disguise. While there was an 11.7% year-on-year increase in the second quarter of this year, the average exchange rate between the euro and the US dollar has been languishing. After experiencing a 6.9% decline in the first quarter of this year, there was an 11.7% contraction in the second quarter.
In previous years, Russia’s oil, natural gas and other energy commodities exported to EU countries were mainly priced, traded and settled in US dollars and euros. But now it refers to international energy market prices, and the ruble is mainly used as the settlement currency for energy trade, and there is no discount yet.
Against the background of the sharp appreciation of the ruble and the considerable depreciation of the euro, EU countries need to pay higher costs to obtain energy than in previous years. This may be the reason why Germany's foreign trade surplus is getting lower and lower, and the situation is even more serious for countries that are already in deficit.
What is the exchange rate of RMB, Japanese yen, pound and other currencies?
In the second quarter of this year, the average exchange rate between my country's RMB and the US dollar was 6.6144, depreciating by 2.34%; in the second quarter, it took an average of 129.63 yen to exchange for 1 US dollar, a depreciation rate of nearly 15.6%; the US dollar that can be exchanged for 1 pound fell in the second quarter of this year to 1.2542, a depreciation of 10.3%.
In the second quarter, the Indian rupee depreciated by 4.5%, the Korean won depreciated by 10.7%, the Canadian dollar depreciated by 3.8%, the Australian dollar depreciated by 7.2%, and the Turkish lira depreciated by nearly 50%... Compared with the currencies of other major economies in the world, although my country's RMB has also depreciated, it is still a relatively strong currency.
Some people believe that the RMB exchange rate will still have depreciation pressure in the second half of the year, but it is likely to fluctuate within a narrow range between 6.6 and 6.8. Considering that my country's economic growth potential is still large, the long-term trend of the RMB exchange rate is still positive, and it is expected to be reversed next year.
The next question comes, how to calculate and obtain the average exchange rate between RMB, Russian ruble, euro, pound, Japanese yen and other currencies and the US dollar? Interested netizens can pay attention to other articles in this column, which contain detailed calculation and query methods. This article was compiled and written by [Nansheng]. Please do not reprint or plagiarize without authorization!
