Russian ruble is stable after fall
2022.12.27 03:22
Russian ruble is stable after fall
Budrigannews.com – The market is coming to terms with the possibility of lower export revenue as a result of restrictions on Russian oil. As a result, the Russian rouble weakened on Tuesday, struggling to consolidate a slight recovery from the decline that occurred last week.
After an oil embargo and price cap went into effect last week, the rouble lost about 8% against the dollar and is on track for a monthly decline. The money service has said the new rut was connected with recuperating imports.
The rouble was 1.2 percent lower against the dollar at 70.10 at 0742 GMT, but it was still far from the nearly eight-month low of 72.6325 reached last week.
In a note, BCS World of Investments stated, “At the end of December, the rouble is likely to remain extremely volatile as the market will need to find a new equilibrium under changed trade flows and increased sanctions pressure.”
“The rouble is anticipated to fluctuate between 68 and 71 (per dollar) this week.”
The Russian ruble fell 1.1% to 74.35 against the euro. At 9.95, it was down 1.9% against the yuan.
This year, capital controls and lower imports have supported the rouble, making it the major currency in the world that has performed the best against the dollar.
Presently, with products and incomes falling, a more vulnerable rouble is more gainful, the TASS news organization cited First Representative State leader Andrei Belousov as saying on Tuesday.
Belousov stated, “The strong rouble has played its role.” In these circumstances, it would be beneficial to have a ruble rate between 70 and 80 cents per dollar.”
While Russian stock indexes were mixed,, a global benchmark for Russia’s primary export, was up 0.4 percent to $84.2 a barrel.
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At 961.3 points, the dollar-denominated RTS index lost 1.6%. After reaching its highest level in nearly two weeks in early trade, the rouble-based MOEX Russian index remained unchanged at 2,139.5 points.
