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Business Recorder
6 days ago
- Business
- Business Recorder
Rouble hovers near two-year high against dollar
MOSCOW: The Russian rouble hovered close to a near two-year high against the dollar on Friday, buoyed by limited demand for foreign currency and the prospect of month-end tax payments by major exporters that usually buttress the currency. By 0950 GMT, the rouble was up 0.2% at 79.50 per US dollar, LSEG data based on over-the-counter quotes showed, after hitting 79.32 to the dollar, its highest level since June 2, 2023, on Thursday. The Russian currency has strengthened by over 40% against the dollar this year, a rise analysts have attributed to the easing of geopolitical tensions - mainly with US President Donald Trump's administration - and the central bank's tight monetary policy, which has reduced demand for foreign currency. Against the Chinese yuan, the rouble was down 0.1% at 11.05 on the Moscow Stock Exchange. Russia's central bank uses yuan for foreign exchange interventions, and it is the most-traded foreign currency in Russia.
New Straits Times
20-05-2025
- Business
- New Straits Times
Russian rouble rises against US dollar after Trump-Putin call
MOSCOW: The Russian rouble strengthened to just above 80 against the US dollar on Tuesday, following a call between United States President Donald Trump and Russian President Vladimir Putin on ceasefire talks in Ukraine. By 0740 GMT, the rouble was up 0.5 per cent at 80.30 per US dollar, LSEG data based on over-the-counter quotes showed. The Russian currency has risen more than 40 per cent against the dollar this year. Most analysts view the rouble as overvalued and anticipate a correction following its rally since the start of the year. The rally has been mainly driven by expectations of a peace accord between Russia and Ukraine, as well as of improved relations with the United States. "No sanction threats from Donald Trump have been heard so far. This has led to the fact that there was no market correction," Alor brokerage analysts said in a research note. Against the Chinese yuan, which Russia's central bank uses for its foreign exchange interventions and is the most-traded foreign currency in Russia, the rouble was down 0.5 per cent at 11.13 per yuan on the Moscow Stock Exchange.
Saba Yemen
16-05-2025
- Business
- Saba Yemen
Moscow stock exchange indexes rise as investors follow Istanbul negotiations
Moscow – Saba: The Moscow Stock Exchange indexes rose in trading on Friday as investors followed the progress of the negotiations in Istanbul regarding Ukraine. By 1:56 PM Moscow time, the ruble-denominated MOEX index rose 0.1 percent to 2,841.01 points, while the dollar-denominated RTS index rose 0.05 percent to 1,114.28 points. In the currency market, the Chinese yuan traded against the Russian currency at 11.174 rubles, up 0.5 percent from the previous closing price, according to Russia Today. The dollar traded on the Forex currency market at 80.91 rubles, and the euro at 90.352 rubles. Expert Bogdan Zvarish believes that "investors are currently taking a wait-and-see stance until the first news emerges regarding the negotiations in Istanbul. In today's session, investors will focus primarily on geopolitical news." He said, "The Moscow Stock Exchange index will begin to recover and attempt to reach the 2,900-point range. We expect the Russian market to trade between 2,820 and 2,920 points today." Whatsapp Telegram Email Print more of (Economy)
See - Sada Elbalad
16-05-2025
- Business
- See - Sada Elbalad
Russian Rouble Reaches Two-years High
Taarek Refaat The Russian Rouble reached its highest level against the US dollar in two years as negotiators arrived in Turkey amid expectations of the first direct talks between Moscow and Kyiv since 2022, and domestic demand for foreign currencies declined. Optimism about the potential end of the Kremlin's war on Ukraine has supported the Russian currency this year, as US President Donald Trump seeks to end the fighting. Data released by the Bank of Russia on Wednesday evening also showed signs of declining domestic demand for foreign currencies. The rouble rose to 80.2237 against the US dollar on the local market, its strongest level since May 31, 2023, according to Bank of Russia data. The Russian currency also appreciated against the euro to 89.74 roubles. Since last June, the Russian Central Bank has relied on interbank transactions to calculate the exchange rate after the United States imposed sanctions on the Moscow Stock Exchange. Yesterday's Central Bank report indicated that appetite for foreign currency purchases within Russia is gradually declining and has already fallen to its lowest levels since the imposition of sanctions on the Moscow Stock Exchange and the suspension of trading in the US dollar and euro. According to the bank, export-related foreign currency sales declined by only 2% despite the significant drop in oil prices, indicating that exporters are continuing to remit their revenues into the rouble at a steady pace. Globally, outside major markets, the rouble has achieved record gains this year of more than 40%, outperforming even gold, making it the best-performing asset of 2025 so far. Although Russian President Vladimir Putin announced Wednesday evening that he would send a delegation headed by Vladimir Medinsky to the negotiations expected today in Istanbul with Ukraine, these will be the first direct talks with Kyiv since 2022. Putin later said Ukraine had largely accepted these demands, a claim rejected by the Kyiv government. Alongside expectations of an improvement in the geopolitical situation, the rouble has been supported by stable currency inflows from exporters and high interest rates, according to the Central Bank. The Bank of Russia has maintained its key interest rate at record levels to curb inflation, creating a favorable environment for carry trades and supporting the local currency. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War
Business Recorder
13-05-2025
- Business
- Business Recorder
Russian rouble edges up vs US dollar despite losing support from state forex interventions
MOSCOW: The Russian rouble strengthened slightly against the US dollar on Tuesday due to expectations of direct peace talks between Russia and Ukraine, despite losing some support from the central bank's foreign currency sales. By 0900 GMT the rouble was up around 0.5% to 80.60 to the US dollar, LSEG data based on over-the-counter quotes showed. The Russian currency has risen by over 40% against the dollar so far this year. 'Starting from today, the volume of currency offered by the central bank will decrease by almost 40%, and the factor supporting the rouble will weaken,' BCS brokerage analysts said in a research note. Russian President Vladimir Putin on May 11 proposed direct talks with Ukraine in Turkey's capital Istanbul this week. The proposal won the backing of US President Donald Trump, who said he might join the talks. Russian rouble strengthens vs US dollar in thin holiday trade Net sales of foreign currency support the rouble, but from Tuesday they fell to 6.55 billion roubles per day from 10.49 billion roubles in the previous month as the Finance Ministry has said it will buy some foreign currency for the fiscal reserves. 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 down 0.6% at 11.18 to the yuan on the Moscow Stock Exchange.
