MOSCOW: The rouble strengthened to a two-week high on Monday, belatedly responding to last Friday’s dollar weakness as it pulled away from its lowest point since mid-October that was hit before the Russian market closed for a three-day weekend.
By 1000 GMT, the rouble was 1.5% stronger against the dollar at 61.19, earlier reaching 61.00, its strongest point since Oct. 24. The currency hit a more than two-week low against the greenback in the previous session on Thursday.
It had gained 0.1% to trade at 60.98 versus the euro and had shed 0.2% against the yuan to 8.42 .
Better-than-expected US jobs data saw the dollar fall on Friday, when the Russian market was closed. The positive rouble dynamics on Monday morning were a reaction to that, said Banki.ru chief analyst Bogdan Zvarich in a note.
The rouble is the world’s best-performing currency this year, supported by capital controls and an initial collapse in imports as a result of Western sanctions on Russia over its actions in Ukraine, and scores of foreign companies pausing operations in the country.
Comments
Comments are closed for this article.