The ruble strengthens modestly as Moscow trading opens, with dollar and euro slipping against the Russian currency
On Tuesday, traders at the Moscow Stock Exchange saw the dollar lose ground against the ruble from the end of the previous session, trading around the 93 ruble mark. TASS reported the early moves as the session began. The euro also reversed course from recent highs, slipping below the 100 ruble threshold as confidence in the local currency found some footing at the start of the day.
Current figures show the dollar at 92.45 rubles, a drop of 2.77 percent since the prior close, with the euro falling 3.01 percent to 99.41 rubles as of 07:22 Moscow time. The yuan also weakened, trading at 12,988 rubles after a 0.24 percent decline. These early numbers illustrate a broad-based retreat in major currencies against the ruble, signaling a shift in the day’s trading tone.
By 07:40 Moscow time the trend persisted, and the dollar had slipped to 93.64 rubles, down 1.52 percent from the prior level. The euro traded at 100.21 rubles, down 2.24 percent, while the yuan yielded further, slipping to 12,796 rubles, down 1.71 percent. Market watchers noted that the early session painted a softer picture for the ruble amid a mix of domestic trade data and shifting expectations around monetary policy on the horizon.
In yesterday’s trade session on the Moscow Exchange, the dollar softened again as investors digested a blend of domestic indicators and external developments. For tomorrow’s calculations, the dollar was projected to fall another 2.7 rubles per unit, to around 95.08 rubles, while the yuan was seen easing by about 25 kopecks to 13.02 rubles and the euro by roughly 2.3 rubles to 102.50 rubles. The day’s price action underscored ongoing volatility in currency markets and the ruble’s sensitivity to shifting risk sentiment and policy signals across world markets.
Analysts at BCS Forex, including Anatoly Trifonov, highlighted that the ruble could gain strength should the Central Bank of the Russian Federation decide on a sharper rate move at upcoming policy meetings and if the central bank increases currency market activity. Yet the analyst cautioned that a substantial rate increase remains unlikely in the near term, which could temper any rapid ruble appreciation and keep volatility elevated as traders weigh inflation dynamics and capital flows.
Meanwhile, comments from deputy head of the Russian Foreign Ministry Andrei Rudenko noted that there is no move to discontinue payments to India in rupees due to liquidity concerns. He emphasized Moscow’s intention to intensify the use of rupee-denominated payments as part of diversifying international settlements and supporting bilateral trade relationships, a development that could influence currency flow patterns over time.
Earlier in the week, the Central Bank of the Russian Federation signaled a willingness to adjust policy by raising the key rate to help anchor inflation expectations, an action that adds another layer of consideration for markets as they evaluate risk and return in Russian assets. Market participants will be listening closely for any fresh signals regarding future policy direction, as well as guidance on intervention tactics and liquidity management in the domestic financial system. Analysts stress the importance of monitoring both domestic indicators and external developments that could affect demand for the ruble and related instruments.