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Wednesday July 17, 2024

Russian rouble remains under pressure from weaker FX sales by exporters

By News Desk
July 07, 2024
An employee counts Russian 1000-rouble banknotes in a bank office Moscow, Russia, on October 9, 2023. — Reuters
An employee counts Russian 1000-rouble banknotes in a bank office Moscow, Russia, on October 9, 2023. — Reuters

MOSCOW: The Russian rouble traded around 88 against the dollar on Friday and is likely to remain under continued pressure from lower currency sales by exporters after they completed their rouble tax payments.

Sanctions on the Moscow Exchange and its clearing agent, the National Clearing Centre (NCC), led to a range of varying prices and spreads as trading shifted to the over-the-counter (OTC) market on June 14, obscuring access to reliable pricing for the Russian currency.

By 0735 GMT, the rouble was 1.1 per cent higher at 88.00 against the dollar.

The average dollar-rouble mixed composite rate, calculated by LSEG and based on data from international brokers and counterparties, stood at 88.16.

The rouble has weakened for five sessions in a row, coinciding with reduced foreign currency supply from exporters who usually convert FX revenues into roubles to meet local liabilities towards the end of each month.

Against the yuan, which had already become the most traded foreign currency in Moscow before the latest sanctions were imposed, the rouble lost 0.2 per cent to 12.02, according to an analysis of the OTC market.

It was up 0.4 per cent at 95.82 against the euro.

Brent crude oil LCOc1, a global benchmark for Russia's main export, was down 0.2 per cent at $87.60 a barrel.