{"id":5269,"date":"2023-05-07T05:41:49","date_gmt":"2023-05-07T09:41:49","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forex\/russian-rouble-soars-to-one-month-high-as-oil-prices-halt-slide\/"},"modified":"2023-05-07T05:41:49","modified_gmt":"2023-05-07T09:41:49","slug":"russian-rouble-soars-to-one-month-high-as-oil-prices-halt-slide","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=5269","title":{"rendered":"Russian rouble soars to one-month high as oil prices halt slide"},"content":{"rendered":"
\n

By Alexander Marrow<\/p>\n

(Reuters) -The Russian rouble climbed sharply to a more-than-one-month high on Thursday, gaining for a fifth straight session, as oil prices steadied after a recent slide, somewhat countering the impact of reduced foreign currency supply.<\/p>\n

By 1326 GMT, the rouble had firmed 1.6% against the dollar to 77.94, its strongest mark since April 3.<\/p>\n

The rouble should trade at 74-76 against the dollar in the next three to six months, said Dmitry Polevoy, head of investment at Locko-Invest, as imports slow, the public’s demand for hard currency drops and companies convert forex to pay dividends.<\/p>\n

It gained 1.8% to trade at 86.17 versus the euro and was 1.8% firmer against the yuan at 11.24, also its strongest since early April against both currencies.<\/p>\n

The rouble strengthened sharply after the central bank held interest rates steady on Friday, but retained the prospect of future hikes. The rouble has also benefited with a lag from high oil prices throughout April, which translates to higher export revenues for Russian exporters.<\/p>\n

But after month-end taxes were paid on April 28, the rouble can now count on reduced supply of foreign currency in the market.<\/p>\n

, a global benchmark for Russia’s main export, was down 0.1% at $72.29 a barrel, paring earlier gains and struggling to claw back the more than 9% decline of the previous three sessions.<\/p>\n

The drop in oil prices to $73 from $80 per barrel will put pressure on the rouble and may lead to another wave of weakening, said Banki.ru chief analyst Bogdan Zvarich in a note.<\/p>\n

“In the current situation, risks remain that the dollar-rouble pair will return to the 80-82.5 range,” Zvarich said.<\/p>\n

Russian stock indexes were higher, hovering not far from near-three-week lows.<\/p>\n

The dollar-denominated RTS index pared intraday losses to gain 1.6% to 1,024.1 points. The rouble-based MOEX Russian index was steady at 2,532.9 points.<\/p>\n

Russian stocks are unlikely to see any serious buying interest before Russia’s long weekend, said Sinara Investment Bank analysts. The country celebrates Victory Day on May 9.<\/p>\n

Geopolitics are partly to blame for Russian stocks’ recent decline, while investors globally fear recession, hence the sustained drop in Brent, Sinara said.<\/p>\n

\u00a0<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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