HomeForex UpdatesRussian rouble companies previous 57 to the greenback for first time in...

Russian rouble companies previous 57 to the greenback for first time in 4 years By Reuters


FILE PHOTO: A Russian rouble banknote is seen positioned on U.S. greenback banknotes on this illustration taken March 1, 2022. REUTERS/Dado Ruvic/Illustration/File Photograph

(Reuters) – The Russian rouble strengthened to ranges not seen since March 2018 in opposition to the greenback on Tuesday, boosted by export-focused corporations promoting overseas foreign money to pay taxes and shrugging off a slight easing of capital controls.

The rouble has firmed about 30% in opposition to the greenback this yr regardless of a full-scale financial disaster in Russia, making it the world’s .

The rouble is steered by capital controls imposed in late February to protect Russia’s monetary sector after Moscow’s determination to ship tens of hundreds of troops into Ukraine prompted unprecedented Western sanctions.

At 0725 GMT, the rouble was 0.7% stronger in opposition to the greenback at 57.44 after firming to 56.61 on the Moscow Alternate for the primary time in additional than 4 years.

In opposition to the euro, the rouble gained 0.9% to 59.57, hovering close to seven-year highs.

The foreign money’s energy has raised considerations in regards to the unfavorable affect on Russia’s finances income from exports. On Monday, Russia reduce the proportion of overseas foreign money income that exporters should convert into roubles to 50% from 80%.

Regardless of the slight leisure in capital controls, the rouble might agency to 55 in opposition to the greenback within the close to time period, mentioned Dmitry Polevoy, head of funding at LockoInvest.

“Present ranges could possibly be used to open lengthy positions in foreign currency echange by mid- and long-term traders,” Polevoy mentioned.

The rouble might return to ranges of 60-65 in opposition to the greenback in June, Sinara Funding Financial institution mentioned in a observe.

The rouble was weaker at banks. Russia’s largest lender Sberbank supplied to promote money {dollars} and euros for 58.20 and 60.38 roubles, respectively.

The dollar-denominated RTS index shed 0.7% to 1,245.0 factors. The rouble-based MOEX Russian index was 0.1% decrease at 2,276.7 factors.

For Russian equities information see

For Russian treasury bonds see

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