Russia Real Effective Exchange Rate in 2015
Russia Real Effective Exchange Rate opened 2015 at 88.23 and closed at 91.80, a +4.05% move for the year. The high of 117.80 was reached on May 1, and the low of 88.23 on January 1.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 88.23 | 88.23 | 88.23 | 88.23 | +0.00% |
| Feb | 90.82 | 90.82 | 90.82 | 90.82 | +0.00% |
| Mar | 100.56 | 100.56 | 100.56 | 100.56 | +0.00% |
| Apr | 114.10 | 114.10 | 114.10 | 114.10 | +0.00% |
| May | 117.80 | 117.80 | 117.80 | 117.80 | +0.00% |
| Jun | 109.53 | 109.53 | 109.53 | 109.53 | +0.00% |
| Jul | 106.26 | 106.26 | 106.26 | 106.26 | +0.00% |
| Aug | 93.41 | 93.41 | 93.41 | 93.41 | +0.00% |
| Sep | 92.76 | 92.76 | 92.76 | 92.76 | +0.00% |
| Oct | 98.12 | 98.12 | 98.12 | 98.12 | +0.00% |
| Nov | 98.58 | 98.58 | 98.58 | 98.58 | +0.00% |
| Dec | 91.80 | 91.80 | 91.80 | 91.80 | +0.00% |
Events During 2015
The PBoC devalued the yuan by 1.9% in a single day on August 11, 2015, the first meaningful devaluation since 1994. Global risk assets convulsed.
Brent crude fell from $115 in June 2014 to $27 in January 2016, a 77% collapse. Shale oversupply and OPEC's refusal to cut production broke the commodity supercycle that had dominated markets since 2003.
The Swiss National Bank abandoned its 1.20 EUR/CHF floor on January 15, 2015. The franc immediately surged 30%, blowing up retail FX brokers and exposing the fragility of exchange rate commitments.
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