Tue, June 25, 2024

The Russian rouble recovered some ground

Roubles

The Russian rouble recovered some ground

The Russian rouble reversed some of its Thursday declines to reach its lowest level against the dollar in more than five months as a result of renewed pressure from the West’s price cap on Russia’s oil exports.

Before recovering, the rouble fell to 64.95 per dollar in morning trade in Moscow, its lowest level since July 6. By 0945 GMT, the rouble was down 0.2% on the day, trading at 64.10.

The rouble fell to an 11-week low against the euro before recovering to stand up 0.11% at 68.251, while the exchange rate was unchanged at 9.1712 against the Chinese yuan.

Strict capital controls had aided the rouble’s robust recovery this summer after falling to historic lows on February 24, when Moscow sent tens of 1000 troops into Ukraine and the West imposed broad sanctions on Russia.

The Russian ruble has been under pressure recently due to worries about a global recession, the European Union’s embargo on Russian oil exports, and a Western price cap. The dollar-denominated RTS index (.IRTS) fell 1% to 1,049.7 points, while the rouble-denominated MOEX Russian index (.IMOEX) fell 1% to 2,137.3 points.

The dollar is increasing in EU trade against a basket of major rivals, moving away from six-month lows hit yesterday and on track for its first profit in three days following Fed Chair Jerome Powell’s bullish remarks. The dollar index rose 0.7211% to 104.401, with a session low of 103.61, after falling 0.4% yesterday, its second loss in a row, to six-month lows of 103.441 in response to the Fed’s decisions. This followed four consecutive meetings in which rates were increased by 75 basis points.

The Fed stated that such consistent increases are necessary to reach a final level of tighter policies that will return inflation to normal levels.

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