The dollar’s value on the Moscow Exchange slipped below the 94 ruble mark for the first time since mid-September, a move confirmed by the latest trading data. In the morning report, the dollar traded around 93.93 rubles, showing a decline of roughly 0.52 percent as of 07:39, a shift that reflected a broader tightening in the ruble’s strength against major currencies amid evolving market dynamics.
Just moments later, the currency pair shifted again, with the U.S. dollar trimming further to about 93.96 rubles, representing another slip of around 0.47 percent. The rapid fluctuation underlines the volatile terrain traders have faced as liquidity and sentiment respond to daily news flow and policy factors that influence demand for dollars in the domestic market.
At nearly the same time, the euro softened by about 0.18 percent, trading near 100.36 rubles, while the yuan also showed weakness, retreating about 0.37 percent to roughly 12,834 rubles by 07:42. These cross-currency moves illustrate a broad rebalancing of currencies amid shifting expectations for capital flows and the relative appeal of ruble-denominated assets in a changing macro environment.
On October 23, the dollar price on the Moscow Stock Exchange dipped below the 95 ruble threshold for the first time since September 13, a development BKS-Express analysts linked to the new rules that govern the sale of foreign currency earnings. The market reacted to the regulatory framework that aims to manage the outflow of earnings and stabilize the ruble, which in turn influenced traders’ pricing of the U.S. currency during morning trades.
Nikolay Ryaskov, who serves as the general director of investments at PSB Management Company, pointed out that the principal drivers behind the dollar’s strength or weakness are tied to expectations around foreign currency earnings sales. In his view, the prospect of repatriating or selling offshore proceeds has a direct bearing on demand and supply dynamics for dollars, contributing to nuanced shifts in the exchange rate as market participants reassess risk and return in real time.
Speaking to market participants, Russian banks signaled readiness to watch for shifts in monetary policy, noting that the potential for the key rate to rise to the 14 percent mark remains on the radar. They stressed that if the ruble can hold around the 97 rubles per dollar level or firm up toward 90 rubles, there might be less pressure to adjust the policy rate higher. This line of reasoning reflects a balance between inflation control, currency stability, and the need to keep financial conditions calibrated for growth, especially given the interconnectedness of global capital markets.
Earlier in the day, traders observed that the euro’s reach on the Moscow Exchange had also faltered, marking the first decline below 101 rubles since September. The modest drop in the euro, coupled with the dollar’s weakness, underscored a broader trend of softening across major currency pairs as investors recalibrated expectations for economic stimulus, trade, and the flow of funds in and out of Russia. The mixed performance across currencies highlighted how shifting policy signals and market sentiment can drive cascading moves across the FX landscape.