Economy

The Russian rouble strengthens ahead Of the cenbank rate decision by Stocksak


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

MOSCOW (Stocksak). – On Friday, the rouble rose to a range of 61 and 62 against USD. Investors waited for the central bank’s interest-rate-setting meeting. However, Russian stocks fell from a peak of more than a month.

The rouble was 0.3% more expensive than the dollar at 61.55 at 0707 GMT and had gained 0.7% against the euro to trade at 61.29 at the same time. It had increased 0.3% against the Yuan to 8.45

The central bank is now in focus, as it is expected end its rate-cutting cycles that began after an emergency rise to 20% days after Russia sent tens to thousands of troops into Ukraine on February 24, 2019.

Stocksak polled most analysts expecting the Bank of Russia’s key rate to remain at 7.5% in an inflation slowdown and geopolitical uncertainty that saps consumer desire. The decision is expected to be made at 1030 GMT.

Alor Broker analysts predicted a hold and stated that the regulator was unlikely to make any important statements about further monetary policies that will significantly influence rouble dynamics.

The price of, Russia’s main export, fell 1.3% to $95.7 per barrel.

Russian stock indexes were lower.

The MOEX Russian index, which is based on roubles, was 0.6% lower at 2,151.3 point. This is a decrease from its high mark of Sept. 23 (2,164.64 points), reached on Thursday. The dollar-denominated RTS Index fell 0.4% to 1,100.7 point, after falling from a high of more than three weeks.

For Russian equities guide see

Russian Treasury Bonds

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