What’s going on? Wasn’t it supposed to go down?

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Russia decided to force buyers to use rubles instead of dollars to buy gas/oil.

Before you consider this another "genius move" by Putin, remember that Russia is selling its oil/gas products at huge discounts over the market.

likefunny

Oh, well this makes me feel much better lol.

Look at the volume lmao

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Funny business in international trade and Russian state controls to stem the bleeding

likesmart

It is going down? Am I missing something?

funny

So yes, you are missing something

Wow this chart took me a while to figure out! 😅 Really had to think through it and I know I’m not the only one! For anyone else that was confused and can’t read currency charts, here’s how I figured out to make sense of this:

Let’s say on May 1st you check what 1 dollar is equal to in an imaginary currency called Plumes. You check and on May 1st, 1 dollar = 5 Plumes.
Now let’s say on May 23rd, you’re curious want to check what 60 cents equals in Plumes. You plug it in and surprisingly, now 60 cents also equals 5 Plumes. What happened? Your dollars/cents must be getting stronger now, because it used to take 1 whole dollar to get 5 Plumes, but now it only takes .60 cents to get 5 Plumes. That’s why this chart, although going down, demonstrates that the ruble is getting stronger compared to the dollar.

Although many will want to laugh at this, I do thank you OP for this thought exercise this morning!

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We e had this conversation before. Also google has plenty of information on this

I still am not tired of watching all this winning that 45 talked about... now with Russia!

Russian gas >> Ukrainian lives!

This is Interesting. For those wondering about the timing of that chart, I looked it up and it was pretty steady around 70 pre war, then jumped to around 140. It’s been steadily getting stronger va the dollar since and is now worth more vs the dollar than at the start of the war.
I wonder what causes this? Also wonder what the ramifications are? It’s odd because typically a strong currency makes exports less affordable but is that the case with oil where it’s a commodity?

Think about the sanctions that we've levied.

Russia is a petro-state. It basically exports oil, gas, and a few other raw materials. It imports finished goods and technology.

The sanctions have cut off most imports from the west but allowed Russia to continue the oil and gas exports. So the current account surplus is growing dramatically. When your country is exporting way more than it is importing, you have to reinvest the difference in buying assets (stocks/real estate/bonds) in other countries, which isn't allowed or your currency has to appreciate.

OP, do you have volune chart for same timeframe?

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