The euro is taking a nosedive against most currencies, including the Russian ruble. Not long ago, the euro exchange rate dropped below the psychologically important level of 70 rubles. Although the euro managed to regain some of the losses, the outlook for it is not promising and does not inspire confidence. The single European currency is still trading under pressure, and the decline may continue in October. This forecast is supported by both fundamental and temporary factors. On the back of a dismal downturn in the eurozone’s economy, the ECB is forced to launch its fresh stimulus package and cut interest rates, which in turn affects the quotes. Moreover, the strained relations between the US and the EU over trade issues which could be complicated at any time also make the euro less attractive. So, it stands to reason that in October, the euro exchange rate will slip to 67 rubles and test the level of 65 rubles not seen in more than two years. If oil prices begin to rise, the ruble will assert strength. Especially if the price of crude oil exceeds $70 per barrel.

According to Deputy Chairman of the Board of Loko-Bank Andrey Lyushin, a slowdown in the eurozone's economic growth and the tax period in Russia will contribute to the strengthening of the ruble. However, the volatility of world politics and, consequently, macroeconomics may have a severe impact on the exchange rate. Such an insecure environment compels investors to secure their investments through active currency conversion, Andrey Lyushin comments on the market situation.