The Russian rouble firmed in early trade after clipping a more than 16-month low at the market opening on Thursday, with volatility high as the market waits for a finance ministry decision on whether to switch from FX sales to purchases.
At 0644 GMT, the rouble was 0.3% stronger against the dollar at 93.85, earlier hitting 94.38, its weakest since March 28, 2022. It had gained 0.3% to trade at 102.65 versus the euro . It had firmed 0.2% against the yuan to 13.04.
Russia restarted foreign currency interventions this year, selling China’s yuan to cover a shortfall in oil revenues following the imposition of price caps and embargoes as the West sought to punish Russia over its February 2022 invasion of Ukraine and limit its fiscal muscle.
Analysts surveyed by Reuters gave no clear consensus on what the finance ministry, which will announce its plan for the upcoming month at 0900 GMT, will decide.
Rouble slides past 93 vs dollar; Russian stocks up as oil prices climb
The Vedomosti daily reported late on Wednesday, citing two sources familiar with the government’s plans, that the ministry would not resume purchases as prescribed by a budget rule, fearing negative consequences for the already weak rouble.
Brent crude oil, a global benchmark for Russia’s main export, was down 0.2% at $83.07 a barrel.
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