Advertisement

Updated January 8th, 2024 at 13:39 IST

Russia’s Rouble stabilises around 91 against Dollar during holiday trade

Russian stock indexes demonstrated positive movement, with the Dollar-denominated RTS index rising 0.2% to 1,090 points.

Thomson Reuters
Russian Rouble
Russian Rouble | Image:Unsplash
Advertisement

Russia’s Rouble in focus: The Russian Rouble remained close to the 91-Dollar mark on Monday, maintaining the moderate gains achieved over the past two sessions. 

Limited market activity prevailed due to ongoing public holidays in Russia until January 9.

Advertisement

Image Credits: Pexels 

As of 07:47 GMT, the Rouble displayed a marginal 0.1 per cent weakening against the Dollar, reaching 91.05, while holding steady against the Euro at 99.62. 

Advertisement

Concurrently, it strengthened by 0.1 per cent against the Yuan to 12.64. The global benchmark for Russia's primary export, Brent crude oil, experienced a 1.1 per cent decline, settling at $77.93 per barrel.

Following the Rouble's recent slide to 100 against the Dollar in October, a presidential decree mandating exporters to convert a portion of their foreign currency revenue has provided support. 

Advertisement

Additionally, heightened interest rates, raised to 16 per cent last month, have contributed to stabilizing the Russian currency. 

In December, the central bank announced daily foreign currency sales of 11.8 billion Roubles ($129.6 million), supplementing its monthly operations conducted on behalf of the finance ministry—a measure reinforcing the Rouble.

Advertisement

Russian stock indexes demonstrated positive movement, with the Dollar-denominated RTS index rising 0.2 per cent to 1,090 points. 

Simultaneously, the Rouble-based MOEX Russian index experienced a 0.5 per cent increase, reaching 3,150.9 points, marking its highest level since early December.

Advertisement

(With Reuters Inputs)

Advertisement

Published January 8th, 2024 at 13:39 IST

Your Voice. Now Direct.

Send us your views, we’ll publish them. This section is moderated.

Advertisement
Advertisement
Whatsapp logo