Russian rouble rises against US dollar after Trump-Putin call
By 0740 GMT, the rouble was up 0.5 per cent at 80.30 per US dollar, LSEG data based on over-the-counter quotes showed. The Russian currency has risen more than 40 per cent against the dollar this year.
Most analysts view the rouble as overvalued and anticipate a correction following its rally since the start of the year. The rally has been mainly driven by expectations of a peace accord between Russia and Ukraine, as well as of improved relations with the United States.
"No sanction threats from Donald Trump have been heard so far. This has led to the fact that there was no market correction," Alor brokerage analysts said in a research note.
Against the Chinese yuan, which Russia's central bank uses for its foreign exchange interventions and is the most-traded foreign currency in Russia, the rouble was down 0.5 per cent at 11.13 per yuan on the Moscow Stock Exchange.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malay Mail
22 minutes ago
- Malay Mail
Bursa bulls eye breakout next week — but July 9 tariffs could spoil the party
KUALA LUMPUR, July 6 — Bursa Malaysia is expected to trade in cautious mode next week, but with an upside bias, with the US tariff deal deadline on July 9 in focus, analysts said. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng anticipates the FTSE Bursa Malaysia KLCI (FBM KLCI) to trend within the range of 1,530-1,560 points, representing its support and resistance levels. 'The benchmark index has broken out of its consolidation range with strong volume, climbing above critical moving averages. A bullish exponential moving average crossover and strengthening moving average convergence/divergence indicator, along with a relative strength index that has yet to peak, strengthen the case for a shift toward a more bullish trend,' he told Bernama. Echoing Thong, UOB Kay Hian Wealth Advisors Sdn Bhd's head of investment research, Mohd Sedek Jantan, said the local bourse is expected to experience heightened caution and intermittent volatility ahead, as investors closely monitor the evolving landscape of global trade policy. 'Particular attention is centred on the 'Liberation Day' US tariff deadline of July 9, when elevated tariffs -ranging from 20 to 30 per cent- are expected to be reinstated on countries without formalised bilateral trade deals. 'Malaysia, among others, may face renewed uncertainty should negotiations remain unresolved. US President Donald Trump has indicated that official notifications outlining new tariff rates will be issued imminently to affected trade partners,' he said. On a weekly basis, the barometer index advanced 22.03 points to 1,550.19 from 1,528.16 in the preceding week. The FBM Emas Index expanded 218.92 points to 11,617.72, the FBMT 100 Index rose 209.34 points to 11,390.70, and the FBM Emas Shariah Index garnered 276.69 points to 11,617.82. The FBM 70 Index climbed 516.38 points to 16,787.04, and the FBM ACE Index rose 51.64 points to 4,526.40. Across sectors, the Financial Services Index went up 54.12 points to 17,791.22, the Plantation Index surged 119.72 points to 7,448.74, and the Energy Index gained 8.93 points to 741.61. Turnover for the shortened trading week increased to 17.25 billion units worth RM12.62 billion from 11.68 billion units worth RM8.45 billion in the preceding week. The Main Market volume advanced to 9.22 billion units valued at RM11.41 billion against 5.40 billion units valued at RM7.39 billion previously. Warrant turnover improved to 6.62 billion units worth RM772.30 million versus 4.96 billion units worth RM655.61 million a week ago. The ACE Market volume ticked up to 1.40 billion units valued at RM437.52 million compared with 1.07 billion units valued at RM399.48 million a week earlier. — Bernama
Free Malaysia Today
36 minutes ago
- Free Malaysia Today
Musk says ‘America Party' has been formed in US
Elon Musk said the America Party was created to restore people's freedom. (AP pic) WASHINGTON : A day after asking his followers on X whether a new US political party should be created, Elon Musk said on Saturday that the 'America Party is formed.' 'By a factor of 2 to 1, you want a new political party and you shall have it!' he said in a post on X. 'Today, the America Party is formed to give you back your freedom.' The announcement from Musk comes after President Donald Trump signed a tax-cut and spending bill into law on Friday, which the billionaire chief executive officer of Tesla fiercely opposed. Musk spent hundreds of millions on Trump's re-election and led the department of government efficiency under the Trump administration aimed at slashing government spending, but the two have since fallen out over disagreements about the bill. Trump earlier this week threatened to cut off the billions of dollars in subsidies that Musk's companies receive from the federal government. Musk said previously that he would start a new political party and spend money to unseat lawmakers who supported the bill. Republicans have expressed concern that Musk's on-again, off-again feud with Trump could hurt their chances to protect their majority in the 2026 midterm congressional elections.
The Star
3 hours ago
- The Star
‘We can do more'
THE business community must do more to ensure society cohesiveness, says Projek57 co-founder Colin Swee. Affectionately describing entrepreneurs as 'crazy people', he says the community can give back to the people through their available resources; and Projek57 has been on the ground engaging them to promote positive narratives on uniting Malaysians. 'They are very creative, they are very driven. So we are trying to mobilise them. And a lot of them have big organisations, thousands of staff members.' Projek57 itself has carried out various activities with businesses including Eco World, Touch 'n' Go and Allianz. They held talks, a walk and cycling tours, among others. 'It has been a very interesting endeavour because we met people from different back-grounds; and the business people came and they got their employees involved as well.' Working together: Youth making unity ribbons at a Projek57 workshop. — The Star Projek57's unity ribbon pins are used to spread the message of unity. Swee reiterates a question: Does the forging of unity or cohesion rest solely with the government? 'That is a good question. Everyone relies on the government to do something about it. But for us, this is where we can play our part too as a company, entrepreneurs and members of the public.' He also calls for a shift in mindset about Malaysia's trajectory; social cohesion can be an issue, policies for the betterment of the people remain in place although they are not perfect. 'Many people think Malaysia is in a bad shape. But compared to some countries, we're doing better than we think. 'The United States is one of the richest countries, yet there's real fighting [about the economic pie] and all the wealth is concentrated at the top. 'Malaysia has subsidies. School is free. Our policies aren't perfect, but they're there. Maybe the winds are strong now but we just need to reset the sails. In Malay-sia, I think the wind is actually quite calm. We just need to ride with it.' Projek57 executive director Debbie Choa also urges Malaysians not to give up on their own country too easily. 'A lot of people say, 'Let's just move to Singapore, the US, or Australia'. But we believe there's still so much in Malaysia worth working for. 'People before us have made sacrifices for this country. It is a waste if everyone just runs away. And it's not just Chinese youths. We see it across the board – Malay families, our friends – they're all thinking about leaving. 'But Malaysia still has heart. We just need to believe in it and do the work to make it better.'
