AIRLINK 74.00 Decreased By ▼ -0.25 (-0.34%)
BOP 5.14 Increased By ▲ 0.09 (1.78%)
CNERGY 4.55 Increased By ▲ 0.13 (2.94%)
DFML 37.15 Increased By ▲ 1.31 (3.66%)
DGKC 89.90 Increased By ▲ 1.90 (2.16%)
FCCL 22.40 Increased By ▲ 0.20 (0.9%)
FFBL 33.03 Increased By ▲ 0.31 (0.95%)
FFL 9.75 Decreased By ▼ -0.04 (-0.41%)
GGL 10.75 Decreased By ▼ -0.05 (-0.46%)
HBL 115.50 Decreased By ▼ -0.40 (-0.35%)
HUBC 137.10 Increased By ▲ 1.26 (0.93%)
HUMNL 9.95 Increased By ▲ 0.11 (1.12%)
KEL 4.60 Decreased By ▼ -0.01 (-0.22%)
KOSM 4.83 Increased By ▲ 0.17 (3.65%)
MLCF 39.75 Decreased By ▼ -0.13 (-0.33%)
OGDC 138.20 Increased By ▲ 0.30 (0.22%)
PAEL 27.00 Increased By ▲ 0.57 (2.16%)
PIAA 24.24 Decreased By ▼ -2.04 (-7.76%)
PIBTL 6.74 Decreased By ▼ -0.02 (-0.3%)
PPL 123.62 Increased By ▲ 0.72 (0.59%)
PRL 27.40 Increased By ▲ 0.71 (2.66%)
PTC 13.90 Decreased By ▼ -0.10 (-0.71%)
SEARL 61.75 Increased By ▲ 3.05 (5.2%)
SNGP 70.15 Decreased By ▼ -0.25 (-0.36%)
SSGC 10.52 Increased By ▲ 0.16 (1.54%)
TELE 8.57 Increased By ▲ 0.01 (0.12%)
TPLP 11.10 Decreased By ▼ -0.28 (-2.46%)
TRG 64.02 Decreased By ▼ -0.21 (-0.33%)
UNITY 26.76 Increased By ▲ 0.71 (2.73%)
WTL 1.38 No Change ▼ 0.00 (0%)
BR100 7,874 Increased By 36.2 (0.46%)
BR30 25,596 Increased By 136 (0.53%)
KSE100 75,342 Increased By 411.7 (0.55%)
KSE30 24,214 Increased By 68.6 (0.28%)

MOSCOW: The rouble strengthened on Thursday, pulling clear of a more than three-month low against the dollar and heading towards the 63 mark, as volatility sparked primarily by elevated geopolitical risks continued to buffet Russian markets.

By 1421 GMT, the rouble was 1.4% stronger against the dollar at 63.53, pulling away from its lowest point since July 6 of 64.9275, hit on Wednesday, after nine straight sessions of weakening.It gained 0.1% to trade at 62.68 versus the euro and was unchanged at 8.68 against the yuan .

“We assume exporters’ FX sales are what helped the rouble stabilize yesterday, as spot FX volumes on the Moscow Exchange jumped to $6.5 billion, around 60% above the average level,” said SberCIB Investment Research in a note. “Meanwhile, the volume traded in CNY/RUB reached a record $2.1 billion.”

The central bank said volatility in FX markets increased in late September amid growing geopolitical risks and expectations of more sanctions against Moscow over its actions in Ukraine.“A wide range of participants tried to get out of ‘toxic’ currencies and move into currencies of friendly countries (predominately the yuan),” the Bank of Russia said in a report on Thursday.

The rouble is the world’s best-performing currency this year, supported by capital controls and slumping imports after Western governments unloaded hefty sanctions on Russia, while scores of foreign companies paused operations in the country.Recent escalation in Ukraine is likely to weigh on risk appetite, analysts have said.Promsvyazbank analysts attributed the rouble’s gains on Thursday to some overheating in the market and some participants’ tendency to lock in short-term profits.

Reduced supply of foreign currency from export-focused firms, who will only begin preparing for this month’s tax payment period from next week, has hindered the rouble in recent sessions, Banki.ru Chief Analyst Bogdan Zvarich said.

Brent crude oil, a global benchmark for Russia’s main export, was down 0.5% at $92.0 a barrel.

Russian stock indexes were steady to higher.The dollar-denominated RTS index was up 1.4% to 967.9 points. The rouble-based MOEX Russian index was unchanged at 1,952.1 points.

SPB Exchange, following on from rival Moscow Exchange, late on Wednesday said it would exclude trading of Meta Platforms Inc. securities after the US company was added to financial monitoring agency Rosfinmonitoring’s list of “terrorists and extremists”.

Comments

Comments are closed.