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Dollar strives for 100 rubles, world oil prices fall. Financial market review from October 15
The dollar exchange rate approaches 100 rubles, and world oil prices fall. Financial market review, October 15
The ruble continues to fall. Bloomberg wrote that the Russian authorities are ready to allow the Russian currency to reach 100 rubles per dollar. Oil prices fell on reports that Israel does not plan to attack Iranian oil or nuclear facilities.
On October 15, the Chinese yuan exchange rate on the Moscow Exchange rose. By 19:00 Moscow time, the yuan exchange rate was 13.58 rubles, which is 5 kopecks higher than the previous closing level.
The official exchange rate of the US dollar against the ruble, announced by the Bank of Russia on October 16, increased by 0.91 rubles, reaching 97.01 rubles. The official exchange rate of the euro against the ruble, announced by the Bank of Russia on October 16, increased by 0.19 rubles, reaching 105.68 rubles.
The Central Bank of Russia calculates the official exchange rate based on reporting data from credit institutions and the results of interbank conversion transactions on the over-the-counter foreign exchange market.
The Russian ruble is approaching 100 to the dollar, and this time the authorities seem to have resigned themselves to the fact that the ruble will reach levels that previously triggered harsh retaliation, Bloomberg reports.
"The weakening of the ruble is not a problem now and will help the state budget, since it plans to increase spending next year," two people familiar with the situation said on condition of anonymity. Officials are ready to allow the ruble to reach 100 to the dollar, the sources said.
Russian banks have relied on interbank transactions to calculate the ruble exchange rate since the Moscow Exchange suspended dollar and euro trading in June due to U.S. sanctions. The U.S. deadline for the exchange to suspend trading expired on Oct. 12.
On the global currency market, the dollar index against six major currencies DXY remained virtually unchanged and stood at around 103.3 points by 20:30 Moscow time.
The Moscow Exchange trading session ended with growth in the main indicators. The Moscow Exchange Index rose by 1% and closed at 2803 points. The RTS Index rose by 0.1% and ended the trading session at 910 points.
The main U.S. stock indexes fell in the first half of trading hours. By 20:30 Moscow time, the Dow Jones Industrial Average had fallen by 0.4%, the S&P 500 had dropped by about 0.5%, and the Nasdaq-100 had dropped by 1.3%.
Oil prices fell on the evening of October 15. By 20:30 Moscow time, the price of a Brent crude futures contract on London's ICE Futures Exchange was about $74 per barrel. At that time, the price of a WTI crude futures contract traded on the New York Mercantile Exchange was about $70.50 per barrel.
The Washington Post (WP), citing well-informed sources, reported that Israeli Prime Minister Benjamin Netanyahu has notified the administration of US President Joe Biden that military targets, not oil facilities, will be targeted in response to recent attacks on Iran.
China's oil imports fell 7.4% in September from August to 45.5 million tons, or 11.1 million barrels per day, according to Bloomberg. China's oil demand is expected to rise to less than 300,000 barrels per day by 2025, according to a Bloomberg survey of oil industry participants. The country, which has driven global oil demand for the past two decades, is now in structural decline due to the rise of electric vehicles and trucks powered by liquefied natural gas, the newspaper notes.
On October 15, the International Energy Agency (IEA) lowered its forecast for global crude oil demand growth in 2024 from 903,000 barrels per day to 862,000 barrels per day. As a result, analysts lowered their estimates by 41,000 barrels per day.
The IEA noted that global oil demand increased by just 680,000 barrels per day in the third quarter compared to the same period last year, which was the weakest performance since the fourth quarter of 2022.