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Russian rouble exhibited a slight gain in its opening on Monday, with key contributing factors being the central bank’s recent rate hike to 15% on Friday and the reinstatement of mandatory sales of foreign currency earnings earlier in October.
As of 0745 GMT, the rouble had strengthened by 0.66% against the dollar, reaching a rate of 93.52, and showed a 0.84% increase against the euro, trading at 98.75. It did, however, exhibit a 0.46% decrease against the yuan, settling at 12.74.
Alexei Antonov, the head of Alor Broker’s investment consulting division, expressed in a note that the rouble’s strengthening was expected to be modest. The positive impact of the rate decision and mandatory forex earnings sales may be balanced out by an increase in the money supply.
Antonov stated, “Therefore, we are not counting on any significant strengthening of the Russian currency.”
Meanwhile, Brent crude oil, a global benchmark for Russia’s primary export, saw a 1.54% decline, with prices resting at $89.09 per barrel.
On a more positive note, Russian stock indexes were on an upward trajectory. The dollar-denominated RTS index displayed a 0.93% increase, reaching 1,089 points, and the rouble-based MOEX Russian index was 0.31% higher, standing at 3,233 points.
