The ruble closed the trading day modestly weaker against both the dollar and the euro on the Moscow Exchange. A dollar trade price hovered around 97.2 rubles, while the euro stood near 106,635 rubles according to market data.
From the morning session to the close, the dollar edged up by about 0.1 percent, and the euro advanced roughly 0.18 percent. In the early hours, one American dollar cost about 97.26 rubles and one European euro about 106.52 rubles.
Intra-day extremes showed the dollar reaching as high as 98,0725 rubles and the euro up to 107,865 rubles. The nadirs for the session were roughly 96,725 rubles for the dollar and 106.16 rubles for the euro.
Viewpoints from market participants include Dmitry Babin of BCS World of Investments, who noted that a rise in Brent crude oil prices to around 87.03 dollars per barrel will not provide support for the ruble in the near term. Anatoly Trifonov, an analyst with BCS Forex, pointed out that the central bank’s decision to refrain from purchasing foreign currency on the domestic market through the end of 2023 under the budget rule could lend short-term stability to the ruble, though he cautioned that it is unlikely to produce a meaningful strengthening of the currency.
Alexander Babakov, deputy chairman of the State Duma from the Fair Russia party, suggested that the return of foreign exchange earnings and the reintroduction of exchange controls could bolster the ruble’s value over the near term.
Earlier reports described how changes in the key rate might influence the ruble exchange rate, highlighting the sensitivity of the currency to policy moves and market sentiment. [Market data, with attribution to financial market sources.]