The Russian ruble has firmed up this Thursday (12) as the best performing coin in the world this year after reaching the mark of 70 rubles per euro and moving towards 65 rubles against the dollar.
This result comes in support of the capital controls that Russia imposed to protect the financial sector after the war against Ukraine.
The ruble has gained more than 2% this morning to 65.58 against the dollar and more than 3% against the euro at 68.28. The currency could end the day at 65 rubles to the dollar, Promsvyazbank said in a note.
The Russian currency is boosted by export-focused companies that need to convert their revenues into foreign currency, while demand is limited as imports into Russia have slowed amid disruptions to logistics and broad Western sanctions.
In the longer term, the ruble could see some downward pressure building up after Russia allowed so-called “parallel imports of goods”, analysts say.
Last week, Moscow published a list of products from foreign automakers, tech companies and consumer brands that the government has included in a “parallel imports” scheme designed to protect consumers from the commercial isolation of the West.
Russian stock indices were mixed. The dollar-denominated RTS index rose 0.7% to 1,132.6 points. The MOEX, in rubles, dropped 1.4% to 2,354.8 points.
Shares in Russia’s second-largest oil producer, Lukoil LKOH.MM, tumbled 1.8% on the day after the company said it would buy Russian retail and lubricant businesses from Shell.
Source: CNN Brasil
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
