Rouble rebounds vs dollar as Russian market reopens after long weekend By Reuters
Economy 7 minutes ago (Nov 07, 2022 07:55)
© Reuters. FILE PHOTO: The newly designed Russian 100-rouble banknotes are seen at the Goznak printing factory in Moscow, Russia July 6, 2022. Moscow News Agency/Handout via REUTERS
MOSCOW (Reuters) – The rouble strengthened on Monday, belatedly responding to last Friday’s dollar weakness as it pulled away from its lowest point since mid-September that was hit before the Russian market closed for a three-day weekend.
At 0741 GMT, the rouble was 0.9% stronger against the dollar at 61.53 and had gained 0.1% to trade at 60.95 versus the euro. It had shed 0.6% against the yuan to 8.45.
Better-than-expected U.S. jobs data saw the dollar fall on Friday, when the Russian market was closed. The positive rouble dynamics on Monday morning were a reaction to that, said Banki.ru chief analyst Bogdan Zvarich in a note.
He said the rouble would likely consolidate in the 61.5-62 range for most of the session.
The rouble is the world’s best-performing currency this year, supported by capital controls and an initial collapse in imports as a result of Western sanctions on Russia over its actions in Ukraine, and scores of foreign companies pausing operations in the country.
The range at which the rouble trades in November could widen as imports could recover further, but high prices of Russian exports promise considerable foreign currency inflows, Otkritie Research said.
Brent crude oil, a global benchmark for Russia’s main export, which hit a more than two-month high in the previous session, was down 1.3% at $97.3 a barrel.
“The Russian market is set for a neutral opening, though crude has every chance to drive the market higher,” said BCS Global Markets in a note.
Stocks opened higher, returning towards the around six-weeks highs seen last week, after a one-session blip.
The dollar-denominated RTS index was up 1.8% to 1,114.0 points. The rouble-based MOEX Russian index was 0.9% lower at 2,176.2 points.
For Russian equities guide see
For Russian treasury bonds see
Rouble rebounds vs dollar as Russian market reopens after long weekend
By Ben Blanchard and Jaiveer Shekhawat TAIPEI (Reuters) – Apple Inc (NASDAQ:AAPL) expects lower shipments of premium iPhone 14 models than previously anticipated following a…
By Rae Wee SINGAPORE (Reuters) – The dollar firmed on Monday as sentiment soured after China said it is sticking with its strict COVID restrictions, quashing hopes of an imminent…
FRANKFURT (Reuters) – The European Central Bank must not stop raising interest rates until underlying inflation has clearly peaked, but it may slow the pace of hikes once rates…
© 2007-2022 Fusion Media Limited. All Rights Reserved.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.