Ruble has updated minimum to dollar
2022.12.22 07:23
Ruble has updated minimum to dollar
Budrigannews.com – On Thursday, concerns about the impact of sanctions on Russian oil and gas increased the rouble’s losses this month to more than 15%, bringing it to its lowest level since late April. The rouble was trading at 72 against the dollar.
The rouble was at 72.25 against the dollar at 07:40 GMT, down 1.8% from its previous low of 72.3075, which marked its lowest point since April 29.
It also fell 1.6% to 76.82 against the euro, a level that was close to an eight-month low, and 2% against the yuan to 10.28, a level that was close to a seven-month low.
Analysts at Veles Capital stated that the rouble’s “unrestrained fall” is continuing. They stated that new downside horizons for the Russian currency could open up in the event that the rouble consolidates above the psychologically significant levels of 70 to the dollar, 75 to the euro, and 10 to the yuan.
The European Union’s oil embargo, which began in December and coincided with the implementation of an oil price cap, has contributed to a decline in export revenues over the past few months.
at $82.4 a barrel, a global benchmark for Russia’s primary export, was up 0.3 percent. [ O/R] When month-end taxes are due next week, analysts anticipate that the rouble will gain some traction. Typically, Russian exporters use FX revenues to pay for local obligations.
Russia has been borrowing a lot in the last quarter of the year, and on Wednesday, it sold OFZ treasury bonds worth 337.8 billion roubles, or $4.7 billion.
Due to sanctions, foreign investors, who had traditionally been drawn to Russia due to the country’s high yields, are unable to gain access to the majority of the government debt that Russian banks have been purchasing.
According to Anatoly Popov, deputy chairman of Sberbank’s executive board, the dominant lender plans to use bonds with coupons at a floating rate to increase its liquidity buffer, as reported by the RIA news agency. OFZ bonds are worth more than 3 trillion rubles to the bank.
More Yen strengthening dollar falling against all currencies
The stock indexes in Russia were mixed.
At 923.7 points, the dollar-denominated RTS index fell 1.8%, reaching its lowest level since Oct. 10. With 2,118.1 points, the MOEX Russian index based on the rouble gained 0.1 percent.
($1 = 72.0000 roubel)
