Latest news with #MaximTimoshenko
Business Recorder
28-07-2025
- Business
- Business Recorder
Russian rouble slides to more than six-week low after central bank rate cut
The Russian rouble weakened beyond the 80 mark to the dollar for the first time in more than six weeks on Monday as the market reacted to the Bank of Russia cutting interest rates by 200 basis points to 18% late last week. Friday's rate move was the biggest cut in borrowing costs since May 2022, with the central bank hoping to revive lending and boost flagging economic growth after stubbornly high inflation showed signs of easing. The rouble was down 0.6% as of 1057 GMT at 79.90 per U.S. dollar, according to data compiled by LSEG based on over-the-counter quotes. The rouble hit a low of 80.60 earlier in the session, its weakest point since June 12. 'It is obvious that the factor of rouble support in the form of tight monetary policy will gradually start to decrease its influence on the national currency,' Maxim Timoshenko from Russian Standard Bank. Against the Chinese yuan, the most traded foreign currency in Russia, the rouble weakened by 0.7% to 11.13. Brent crude oil, a global benchmark for Russia's main export, was up 1.1% at $69.17 a barrel.
Business Recorder
22-05-2025
- Business
- Business Recorder
Russian rouble hits near two-year high against US dollar
MOSCOW: The Russian rouble hit its highest level in nearly two years against the dollar on Wednesday, after crossing the 80 mark against the U.S. currency in the previous session. By 1300 GMT, the rouble was up 0.3% at 79.54 per U.S. dollar, LSEG data based on over-the-counter quotes showed, after hitting 79.32 to the dollar - its highest level since June 2, 2023 - earlier in the session. The Russian currency has risen by over 40% against the dollar this year. Analysts have said its strength this year is linked to the easing of geopolitical tensions and the central bank's tight monetary policy, which has reduced demand for foreign currency. 'The defining factor for the rouble remains the balance between exports and imports, which has recently shifted in favour of exporters, as well as the high key interest rate,' said Maxim Timoshenko from Russian Standard Bank. Bank of St. Petersburg analysts said that the rouble is also receiving support from upcoming corporate tax payments, a period when exporters convert their forex earnings into roubles in order to pay their taxes. Against the Chinese yuan, the rouble was up 0.2% at 11.04 per yuan on the Moscow Stock Exchange. Russia's central bank uses the yuan for foreign exchange interventions, and it is the most-traded foreign currency in Russia. The rouble hit 10.95 to the yuan, the strongest level in 11 months earlier in the session.
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Business Standard
05-05-2025
- Business
- Business Standard
Russian rouble strengthens vs US dollar, Chinese yuan in thin holiday trade
The Russian rouble strengthened against both the U.S. dollar and the Chinese yuan on Monday, despite falling oil prices and threats of more Western sanctions, in thin trade between Russia's May Day and Victory Day holidays. At 1140 GMT, the rouble was up 2% at 81.1 against the U.S. dollar, LSEG data based on over-the-counter quotes showed. Against the Chinese yuan, which is used by Russia's central bank for its foreign exchange interventions and is the most-traded foreign currency in Russia, the rouble was up 1.4% at 11.24 to the yuan on the Moscow Stock Exchange. "The rouble's exchange rate continues to depend on geopolitical rhetoric, the intensification or de-escalation of which can add volatility to the currency market at any moment," said Maxim Timoshenko from Russian Standard Bank. Oil prices fell more than 1% on Monday after producer group OPEC+ decided over the weekend to further speed up oil output hikes, spurring concerns about more supply coming into a market clouded by an uncertain demand outlook.
Business Recorder
05-05-2025
- Business
- Business Recorder
Russian rouble strengthens vs US dollar in thin holiday trade
MOSCOW: The Russian rouble strengthened against both the U.S. dollar and the Chinese yuan on Monday, despite falling oil prices and threats of more Western sanctions, in thin trade between Russia's May Day and Victory Day holidays. At 1140 GMT, the rouble was up 2% at 81.1 against the U.S. dollar, LSEG data based on over-the-counter quotes showed. The Russian currency has risen by almost 40% against the dollar so far this year. Against the Chinese yuan, which is used by Russia's central bank for its foreign exchange interventions and is the most-traded foreign currency in Russia, the rouble was up 1.4% at 11.24 to the yuan on the Moscow Stock Exchange. 'The rouble's exchange rate continues to depend on geopolitical rhetoric, the intensification or de-escalation of which can add volatility to the currency market at any moment,' said Maxim Timoshenko from Russian Standard Bank. Rouble strengthens versus US dollar Oil prices fell more than 1% on Monday after producer group OPEC+ decided over the weekend to further speed up oil output hikes, spurring concerns about more supply coming into a market clouded by an uncertain demand outlook.
