The Russian ruble stabilized on Tuesday in trading outside Moscow after heavy losses due to the war in Ukraine, which have made it the currency of emerging markets with the worst performance in the world this year, according to Reuters.
Domestic markets are closed today due to a holiday, while currency trading is expected to continue on Wednesday.
The ruble has fallen more than 40 percent against the dollar since the beginning of the year, with losses accelerating sharply after Russia’s invasion of Ukraine on February 24, a move that has led to sweeping sanctions by governments around the world.
Sanctions in Russia and on banks, companies and individuals, as well as countermeasures from Moscow, have made it increasingly difficult for investors to trade in Russian assets.
On the EBS trading platform, the ruble remained unchanged during the day at 132 against the dollar. On another platform, it was at 126 against the dollar, according to Refinitiv, up more than 7% from Monday’s level.
Franziska Palmas, an economist at Capital Economics, said the ruble’s decline had been mitigated to some extent by the relief that “an embargo on Russian oil may not be as clear or as likely as it seemed yesterday.”
Russia and Ukraine did not make any significant progress in yesterday’s third round of talks. One Ukrainian negotiator said things remained largely unchanged, despite little progress on logistics for the evacuation of civilians, while a Russian negotiator said the talks were not easy.
The Moscow Stock Exchange remained closed last week by order of the central bank.
Source: Capital
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