MOSCOW: The rouble strengthened past 91 to the dollar on Tuesday, heading back towards levels reached in late December as trading resumed in full after Russia’s long January holidays.
At 0729 GMT, the rouble was 0.5% stronger against the dollar at 90.67 and had gained 0.8% to trade at 99.24 versus the euro. It had firmed 0.7% against the yuan to 12.63.
“It is worth expecting an increase in foreign currency inflows from exporters, who continued shipping their products to external markets during the New Year holidays, but sold little foreign currency due to the days off and low market liquidity,” said Alor Broker’s Alexei Antonov.
Brent crude oil, a global benchmark for Russia’s main export, was up 0.3% at $76.32 a barrel.
Since October and the rouble’s most recent slide to 100 against the dollar, a presidential decree forcing exporters to convert some foreign currency revenue has supported the Russian currency, as have elevated interest rates, which were raised to 16% last month.
Russian rouble hovers near 91 to dollar in thin holiday trade
The rouble may also be boosted by central bank FX interventions, which will be carried out using a slightly adjusted formula this year and will include those deferred in 2023 as the rouble weakened.
Russian stock indexes were mixed. The dollar-denominated RTS index was up 0.4% to 1,093.5 points.
The rouble-based MOEX Russian index was 0.4% lower at 3,146.1 points.
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