Forex

Russian rouble firms towards USD 61 By Stocksak


© Stocksak. FILE PHOTO – The new 100-rouble Russian banknotes can be seen at the Goznak printing plant in Moscow, Russia on July 6, 2022. Moscow News Agency/Handout via REUTERS

MOSCOW (Stocksak), – On Thursday, the rouble climbed to 61 against USD. The favorable month-end tax period supported the Russian currency amid volatility in oil markets as well as the constant threat of geopolitical sanctions and risk over the conflict with Ukraine.

The rouble had gained 0.1% to trade in the 60.35 range versus the euro at 61.17 GMT by 1302 GMT. It had risen 0.6% to 8.41 against the yuan.

“We expect the moderate strengthening Russian

Alor Broker wrote in a note that currency would continue.”

The rouble is supported with a month-end tax period, which usually sees export-focused companies convert foreign currency revenues into roubles that can be used to pay domestic taxes.

Veles Capital analysts stated that “the main pointer for market in the coming days is the large tax payments, prior to which it will likely be difficult for the dollar to regain its position above 62/the rouble.”

The price of, Russia’s main export, rose 0.9% to $93.2 per barrel.

“In Russia’s uncertainty, there is no clear trend,” said BCS Global Markets. It expects consolidation to continue.

Russian stock indexes had some success recovering ground from the previous session.

The dollar-denominated RTS indice was up 2.9% at 1,038.4 Points. The MOEX Russian index, which is based on roubles, was 2.1% higher at 2,019.3 point.

For Russian equities guide see

Russian treasury bond information

News Source and Credit

Stocksak Editorial

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