MOSCOW: The Russian rouble remained stable against the US dollar and the euro, strengthening against China’s yuan, after a period of volatility that followed the US financial sanctions imposed on Nov. 22.
By 0815 GMT the rouble was up 0.3% at 100.3 against the dollar, according to over-the-counter market data from banks.
The rouble strengthened by 1.5% to 13.65 against the yuan in trade on the Moscow Stock Exchange.
The strengthening against the yuan followed a 3.4% weakening in yesterday’s session in what analysts saw as the correction after an over-selling of yuan by exporting companies.
Yuan is currently the most traded foreign currency in Russia.
Russian rouble flat against dollar
The Russian central bank estimated in the report, published on Dec. 9, that the Russian currency weakened by 11% against the US dollar and by 8.4% against China’s yuan in November after the sanctions were imposed.
The sanctions hit Gazprombank, Russia’s third largest lender, which handles payments for energy trade with Europe, disrupting foreign trade transactions and the supply of foreign currency to the Russian market.
The regulator said that as companies adjusted to the sanctions and found new counterparts for transactions, pressure on the rouble was expected to gradually decrease, with the exchange rate guided by fundamental factors.
Trade in dollars and euros moved to the over-the-counter market after Western sanctions in June targeted the Moscow Stock Exchange.
The central bank sets an official exchange rate for both currencies based on data directly supplied by banks.
One-day rouble/dollar futures, which trade on the Moscow Stock Exchange and are a guide for the over-the-counter exchange rate, were down 1.2% at 100.63.
The Russian central bank set an official exchange rate at 99.38 to the dollar.
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