The Russian rouble rose quickly in a volatile Market on Monday, regaining some ground after its biggest weekly drop since early July. As investors scared about the impact of gas & oil sanctions on Russian export revenue.
The rouble fell over 8% last week & is drop more than 10% this month. After the enactment of an oil ban and price cap. According to the finance ministry, the recent fall was caused by recovering imports.
The rouble had gained 2.8% to 68.30 against the dollar by 0750 GMT. It increased by 4.4% to 72.40 against the euro and strengthened by 2.1% to 9.70 against the yuan.
According to Otkritie Research, trading activity on Monday is likely to be low, with the rouble able to appreciate in the continued period for month end tax. Which often sees Russia’s exporters convert foreign exchange profits to proceed to pay local liabilities.
Supported by capital controls and lower imports. The rouble has been one of the top performing major currencies vs dollar globally this year. However, the Brazil’s has replaced it as the top over the past week.
Brent crude – An international benchmark for Russia biggest exporters, up to a nearly three-week high in the final trading period before the Christmas holiday, reach to close 3.7% at $84 per barrel.
Russian stock prices have gone up. Market may move in either direction over the final week of the year as investors rebalance their portfolios, According to Sinara Investment Bank.
The MOEX Russian index based in roubles has rose by 0.3% to 2,130 points. While dollar-denominated RTS index rose 2.1% to 983 points.