MOSCOW: The Russian rouble strengthened against the US dollar but weakened against China’s yuan on Friday amid volatility caused by uneven sales of foreign currency by exporting companies in the aftermath of new US sanctions.
By 0900 GMT, the rouble was up 1.4% at 103.50 against the dollar, according to over-the-counter market data from banks. The rouble had weakened by 1.7% to 14.04 against the yuan in trading on the Moscow Stock Exchange.
The Russian currency was on track to finish the week lower after rebounding last week. The rouble lost up to 15% against the dollar after the US sanctions were imposed on Nov. 22, but it then recovered much of those losses.
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 volatility in the rouble’s exchange rate suggested that Russian firms were still adjusting to the foreign trade disruptions.
One-day rouble/dollar futures, which trade on the Moscow Stock Exchange and are a guide for the over-the-counter exchange rate, were up 0.5% at 103.75.
The Russian central bank set an official exchange rate at 103.27 to the dollar.
Comments
Comments are closed.