Russian rouble weakens vs US dollar ahead of Trump's major statement
At 0800 GMT, the rouble was 0.6% weaker at 78.45 per U.S. dollar, according to LSEG data based on over-the-counter quotes. The Russian currency is up by about 45% against the dollar since the start of the year.
Trump has expressed frustration with Russian President Vladimir Putin due to the lack of progress in ending the war in Ukraine and Russia's intensifying bombardment of Ukrainian cities.
Russian rouble weakens vs US dollar for the first time since July 3
'The focus is on the announcement by the U.S. president's administration regarding Russia, scheduled for the beginning of the week, which may add volatility to currency exchange rates,' said Maxim Timoshenko from Russian Standard bank.
Against the Chinese yuan, the most traded foreign currency in Russia, the rouble strengthened by 0.2% to 10.93 after weakening by over 1% during Friday's session.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
an hour ago
- Business Recorder
Avoiding trade curbs vital for normalisation of ties, India tells China
BEIJING/NEW DELHI: India and China must resolve friction along their border, pull back troops and avoid 'restrictive trade measures' to normalise their relationship, India's foreign minister told his Chinese counterpart in Beijing on Monday. India's Subrahmanyam Jaishankar met Wang Yi in Beijing during his first trip to the country since 2020, when a deadly border clash between their troops led to a four-year military standoff and damaged ties until a thaw began in October, when they agreed to step back. 'Good progress' made by the countries in the past nine months for normalisation of relations is a result of the resolution of friction along their border, Jaishankar told Wang. India and China share a 3,800 km (2,400 miles) border that is poorly demarcated and has been disputed since the 1950s. China, India to hold high-level talks over contested border They fought a brief but brutal border war in 1962 and talks over the decades to settle the border dispute have made slow progress. Last month, Indian Defence Minister Rajnath Singh told his Chinese counterpart that the two countries should seek a 'permanent solution' to the border dispute, seen as a new push by New Delhi for a conclusive outcome. 'It is now incumbent on us to address other aspects related to the border, including de-escalation,' Jaishankar said, adding that it was also critical that restrictive trade measures and roadblocks be avoided to foster mutually beneficial cooperation. The minister was speaking in the backdrop of Beijing's restrictions in recent months on supplies of critical minerals such as rare earth magnets and machinery for manufacturing of high-tech goods. India holds the world's fifth-largest rare earth reserves but its domestic output remains underdeveloped. There was no immediate Chinese readout of the talks between Jaishankar and Wang. Jaishankar, who is in China to attend the meeting of foreign ministers of the Shanghai Cooperation Organisation, met Chinese Vice President Han Zheng earlier in the day, the official Chinese news agency Xinhua reported. India and China should steadily advance practical cooperation and respect each other's concerns, Han told Jaishankar, Xinhua said.
Business Recorder
2 hours ago
- Business Recorder
US stocks open trading week modestly lower
NEW YORK: Wall Street stocks edged lower early Monday as markets digested President Donald Trump's latest tariff threats and looked ahead to major earnings and economic releases later in the week. Trump's latest threats targeted the European Union and Mexico with 30 percent levies if no trade deal is reached by August 1. Markets have largely shrugged off Trump's trade rhetoric in recent days in the belief that a compromise will be found. About 10 minutes into trading, the Dow Jones Industrial Average was down 0.1 percent at 44,331.89. Trump's tariff assault on Canada drags Wall St lower The broad-based S&P 500 declined 0.2 percent to 6,250.55, while the tech-rich Nasdaq Composite Index slipped 0.1 percent to 20,566.42. Both the S&P 500 and Nasdaq have closed at records in recent days as markets embrace a solid-enough US economic picture while anticipating Federal Reserve interest rate cuts later in the year. Besides ongoing trade war maneuvering, this week's calendar includes consumer price data for July as well as earnings from JPMorgan Chase, Citigroup and other large US banks.
Business Recorder
3 hours ago
- Business Recorder
Oil hits 3-week high on signs of tighter supply
LONDON: Oil prices rose on Monday to their highest level in three weeks, as investors eyed further U.S. sanctions on Russia that may affect global supplies, while more oil imports by China also offered support along with signs of tighter supply. Brent crude futures rose 89 cents, or 1.3%, to $71.25 a barrel by 1114 GMT, while U.S. West Texas Intermediate crude futures climbed 93 cents, or 1.4%, to $69.38. Higher crude imports by China and expectations around U.S. President Donald Trump's announcement on Russia are supporting prices, UBS analyst Giovanni Staunovo said. '…There is still a perceived tightness in the market, with most of the inventory build in China and on ships, and not in key locations,' he said. Oil rises over as investors weigh market outlook Russia's seaborne oil product exports in June were down 3.4% from May at 8.98 million metric tons, data from industry sources and Reuters calculations showed. Trump said on Sunday that he will send Patriot air defence missiles to Ukraine. He is due to make a 'major statement' on Russia on Monday, having expressed his frustration with Russian President Vladimir Putin due to the lack of progress in ending the war in Ukraine. A bipartisan U.S. bill that would hit Russia with sanctions gained momentum last week in Congress. European Union envoys, meanwhile, are on the verge of agreeing an 18th package of sanctions against Russia that would include a lower oil price cap. China's June oil imports increased 7.4% on the year to 12.14 million barrels per day, the highest since August 2023, according to customs data released on Monday. Last week, Brent rose 3%, while WTI had a weekly gain of around 2.2%, after the International Energy Agency said the global oil market may be tighter than it appears. Investors are also eyeing the outcome of U.S. tariff talks with key trading partners.
