MOSCOW: The rouble strengthened to a six-week high against the dollar on Thursday, passing the 89 threshold it has been flirting with this week, supported by increased supply of foreign currency after Russia’s New Year holidays.
At 0650 GMT, the rouble was 0.6% stronger against the dollar at 88.84, after reaching 88.7650, its strongest point since Nov. 30.
It had gained 0.4% to trade at 97.65 versus the euro and firmed 0.2% against the yuan to 12.38.
Since Russian markets reopened in full on Jan. 9, exporters have been selling foreign currency revenue accumulated over the holidays and the central bank has now stepped up its FX interventions, currently selling foreign currency worth 900 million roubles ($10.11 million) per day.
The finance ministry will announce its FX interventions plan for the month ahead at 0900 GMT.
Russian rouble firms on higher foreign currency supply
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.
Brent crude oil, a global benchmark for Russia’s main export, was up 0.8% at $77.40 a barrel.
Comments
Comments are closed for this article.