Rouble rebounds vs dollar as Russian market reopens after long weekend

Rouble rebounds vs dollar as Russian market reopens after long weekend
Rouble rebounds vs dollar as Russian market reopens after long weekend
© Reuters. FILE PHOTO: The newly designed Russian 100-rouble banknotes are seen at the Goznak printing factory in Moscow, Russia July 6, 2022. Moscow News Agency/Handout via REUTERS

MOSCOW (Reuters) – The rouble strengthened on Monday, belatedly responding to last Friday’s dollar weakness as it pulled away from its lowest point since mid-September that was hit before the Russian market closed for a three-day weekend.

At 0741 GMT, the rouble was 0.9% stronger against the dollar at 61.53 and had gained 0.1% to trade at 60.95 versus the euro. It had shed 0.6% against the yuan to 8.45.

Better-than-expected U.S. jobs data saw the dollar fall on Friday, when the Russian market was closed. The positive rouble dynamics on Monday morning were a reaction to that, said Banki.ru chief analyst Bogdan Zvarich in a note.

He said the rouble would likely consolidate in the 61.5-62 range for most of the session.

The rouble is the world’s best-performing currency this year, supported by capital controls and an initial collapse in imports as a result of Western sanctions on Russia over its actions in Ukraine, and scores of foreign companies pausing operations in the country.

The range at which the rouble trades in November could widen as imports could recover further, but high prices of Russian exports promise considerable foreign currency inflows, Otkritie Research said.

, a global benchmark for Russia’s main export, which hit a more than two-month high in the previous session, was down 1.3% at $97.3 a barrel.

“The Russian market is set for a neutral opening, though crude has every chance to drive the market higher,” said BCS Global Markets in a note.

Stocks opened higher, returning towards the around six-weeks highs seen last week, after a one-session blip.

The dollar-denominated RTS index was up 1.8% to 1,114.0 points. The rouble-based MOEX Russian index was 0.9% lower at 2,176.2 points.

For Russian equities guide see

For Russian treasury bonds see

Leave a Reply

Your email address will not be published. Required fields are marked *

New Brokers
2.8 rating
Buy & sell Crypto in minutes
3.0 rating
Note: Investing involves risks. You can lose your deposit. We advise you to only invest in financial products which match your knowledge and experience.
2.0 rating
Interactive Brokers attracts active traders with low per-share pricing, an advanced trading platform.
4.3 rating
eToro is the world’s leading social trading platform, with thousands of options for traders and investors.
AdonFinance
Risk Warning: The material on this website is provided for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation or endorsement for any security or strategy, nor does it constitute an offer to provide investment advisory or other services by AdonFinance. In addition, the content of the website offers no opinion with respect to the suitability of any security or any specific investment. Trading foreign exchange, stocks, cryptocurrencies and commodities is potentially high risk and may not be suitable for all investors. The high level of leverage can work both for and against traders. Before any investment with any broker you need to carefully consider your targets, previous experience, and risk level. Forex trading can result in the loss of your money, as a result, you are expressly cautioned that you should never invest or trade with money that you cannot afford to lose. For the avoidance of doubt, AdonFinance's service provides Brokers reviews in the Financial market. AdonFinance, its subsidiaries, agents or affiliates will assume no responsibility whatsoever for your trading activity. © Copyright 2021 AdonFinance