Latest news with #MoscowStockExchange
Business Recorder
2 days ago
- Business
- Business Recorder
Russian rouble flat vs US dollar as central bank flags more rate cuts
MOSCOW: The Russian rouble traded flat against the U.S. dollar and the Chinese yuan on Monday as a senior central bank official flagged more key interest rate cuts at a meeting on July 25. By 1140 GMT, the rouble traded at 78.50 per U.S. dollar, according to LSEG data based on over-the-counter quotes. The Russian currency is up by about 45% against the dollar since the start of the year. The central bank's Deputy Governor Alexei Zabotkin said on Monday that the board may consider an interest rate cut of more than 1 percentage point at its meeting on July 25 if data confirms that inflation is on track to slow to 4% in 2026. The stronger rouble has helped the central bank bring the inflation rate down in recent weeks by making imported goods cheaper, but most analysts now say that the rouble is overvalued. Rouble flat versus dollar Zabotkin told reporters that the rouble's exchange rate will remain on a trajectory consistent with inflation returning to the central bank's target of 4% in 2026, down from the current level of just under 10%. Further rate cuts by the central bank are expected to weaken the rouble. Against the Chinese yuan, the most traded foreign currency in Russia, the rouble was also flat on Monday at 10.92 per yuan on the Moscow Stock Exchange.
Business Recorder
13-06-2025
- Business
- Business Recorder
Russian rouble gains as oil prices jump on Middle East tensions
The rouble gained against the dollar on Friday, supported by a sharp jump in prices for oil, Russia's main export, after Israel launched major strikes against Iran. Israel said it had attacked nuclear facilities and missile factories and killed a swathe of military commanders in what could be a prolonged operation to prevent Tehran building an atomic weapon. The attacks sparked Iranian retaliation and raised concerns about possible disruption to oil supplies. Brent crude was up 7.9% at $74.83 a barrel by 1124 GMT. The rouble was 0.6% higher at 79.50 per U.S. dollar, according to LSEG data based on over-the-counter quotes. Trading was light, as Russia was marking a two-day national holiday. The rouble appreciated more sharply earlier in the session, but as oil prices pared some of their early gains, so too did the Russian currency. The rouble has strengthened by over 40% against the dollar this year, a rise analysts have attributed to the easing of geopolitical tensions - mainly with U.S. President Donald Trump's administration - and the central bank's tight monetary policy, which has reduced demand for foreign currency. Against the Chinese yuan, the most traded foreign currency in Russia, the rouble strengthened by 0.3% to 10.92 on the Moscow Stock Exchange. The central bank uses yuan for foreign exchange interventions.
Business Recorder
02-06-2025
- Business
- Business Recorder
Russian rouble weakens vs US dollar ahead of Ukraine talks
MOSCOW: The Russian rouble fell against the U.S. dollar on Monday ahead of a new round of talks between Russia and Ukraine in Istanbul and following Ukrainian attacks on Russian air bases on Sunday. By 0920 GMT, the rouble was down 1.7% at 78.80 per U.S. dollar, LSEG data based on over-the-counter quotes showed. The rouble hit 76.90 to the dollar, its strongest since May 2023, on May 29. Russia and Ukraine are set to hold their second round of direct peace talks since 2022, but the two sides are still far apart on how to end the war and the fighting has stepped up ahead of the talks. The markets will also be closely watching the central bank's decision, due on June 6, on its key interest rate, which is currently at 21%, the highest level since the early 2000s. The regulator jacked up borrowing costs to dampen inflation. 'The majority is focused only on the regulator's easing of signals, indicating a possible key rate reduction in upcoming meetings,' said Denis Popov from PSB bank. 'Under these conditions, high demand for rouble assets will persist, which will significantly support the rouble's exchange rate, even with a moderately negative geopolitical news backdrop,' he added. Against the Chinese yuan, the rouble was down 0.4% at 10.93 on the Moscow Stock Exchange. Russia's central bank uses yuan for foreign exchange interventions, and it is the most traded foreign currency in Russia.
Business Recorder
26-05-2025
- Business
- Business Recorder
Rouble hovers near two-year high against dollar
MOSCOW: The Russian rouble hovered close to a near two-year high against the dollar on Friday, buoyed by limited demand for foreign currency and the prospect of month-end tax payments by major exporters that usually buttress the currency. By 0950 GMT, the rouble was up 0.2% at 79.50 per US dollar, LSEG data based on over-the-counter quotes showed, after hitting 79.32 to the dollar, its highest level since June 2, 2023, on Thursday. The Russian currency has strengthened by over 40% against the dollar this year, a rise analysts have attributed to the easing of geopolitical tensions - mainly with US President Donald Trump's administration - and the central bank's tight monetary policy, which has reduced demand for foreign currency. Against the Chinese yuan, the rouble was down 0.1% at 11.05 on the Moscow Stock Exchange. Russia's central bank uses yuan for foreign exchange interventions, and it is the most-traded foreign currency in Russia.
New Straits Times
20-05-2025
- Business
- New Straits Times
Russian rouble rises against US dollar after Trump-Putin call
MOSCOW: The Russian rouble strengthened to just above 80 against the US dollar on Tuesday, following a call between United States President Donald Trump and Russian President Vladimir Putin on ceasefire talks in Ukraine. 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.
