Forex Training Guide – Anthony Ekanem : [PDF Download]

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“Depreciation can be easily related to the life of a car. As soon as you drive a new car off the lot, the value is almost cut in half. This is extreme depreciation. However, over the next few years, the car continues to lose value at a more gradual pace.

This is considered to be depreciation as well. Currency appreciation and depreciation are changes in the value of the currency that are driven by market forces rather than by government mandate. For example, in an attempt to repay certain loans, in 1998 the Central Bank of Russia announced the coming devaluation of the ruble.

The exchange rate, which was currently six rubles per U.S. dollar, would over a period of time change to 9.5 rubles per dollar, effectively a depreciation of 34%. However, prior to the change, there was a widespread panic within the former Communist nation, and the value of the ruble dropped due to many people in Russia opting to trade in their securities prior to maturity.

In a single day, following the announcement, the Russian ruble was depreciated by an amazing 25%.”

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