The ruble will continue to fall

 Yesterday the US dollar exchange rate at the evening auction on the Moscow Stock Exchange reached its highest level since the beginning of the year, rising above 69 rubles, and the euro crossed the mark of 77 rubles.

The collapse of the Russian currency has led to a downgrade of Russia from BBB- to "speculative" BB+ by Standard & Poor's agency. In a statement the agency said that monetary policy flexibility has become more limited and its economic growth prospects have weakened.

At 22:58 (MSK) the dollar on the Moscow Stock Exchange rose to the level of 69.30 rubles from 66.35 rubles. At the same time, the euro strengthened to 77.90 rubles from the level of 74.8 rubles. At the close of trading the dollar was worth 68.8 rubles, adding 4.56 rubles in a day, RBC reports.
Today trading on the Moscow stock exchange opened with a fall of the major indexes. No pronounced reaction of the stock markets to the next downgrade of Russia have yet been seen.

However, Associate Professor of the stock market and investments HSE, Ph.D. Alexander Arshavskii told a Vestnik Kavkaza correspondent that this is the third agency to downgrade Russia.

"Usually a downgrade results in a decrease in capital flow. The country has become quite risky, so the attraction of foreign capital to it becomes problematic because of its high cost - interest rates on loans provided are rising sharply. This is the first thing. Secondly, many institutional investors, pension funds and various investment funds can no longer invest in countries that have low ratings due to regulatory standards. That is, it will cause an outflow of capital. All of this will be simply due to a lack of funding from foreign capital," the expert said.

As to the question of who benefits from the downgrade of Russian, the economist is sure that no one pursues any benefit in this action: "It is not profitable. If we talk about what to expect from the ruble in the short term, I say that the ruble is, the ruble was, the ruble will be."