September 25, 2023 4:29 pm

Resurgent Ruble Resumes Rally

Facebook
Twitter
LinkedIn
Pinterest
WhatsApp
Telegram

URGENT: JUST 11 DAYS REMAIN TO HELP SAVE INDEPENDENT MEDIA & ANR, TO ENSURE WE ARE FULLY FUNDED FOR NEXT MONTH,SO LET'S CUT THE BS & GET TO THE POINT - WE WILL BE FORCED LAY OFF STAFF & REDUCE OPERATIONS UNLESS WE ARE FULLY FUNDED WITHIN THE NEXT 2 WEEKS - Sadly, less than 0.5% of readers currently donate or subscribe to us But YOU can easily change that. Imagine the impact we'd make if 3 in 10 readers supported us today. To start with we’d remove this annoying banner as we could fight for a full year...

Resurgent Ruble Resumes Rally

By RT News

The Russian currency has reversed earlier losses due the interest-rate cut by the central bank.

The ruble firmed sharply on the Moscow Exchange on Monday, recouping most of last week’s losses as it retained support from capital controls and Russia’s strong trade account.

At 11:16 GMT, the ruble gained nearly 9% on the US currency at 61 rubles per dollar, and was up around 10% against the euro to trade below below 63.

Last Wednesday the Russian currency hit a four-year high of 55.80 to the dollar, and reached a seven-year high of 57.10 against the euro.

“The overall fundamental picture for the ruble is not changing much … We’re not ruling out a return to levels of 60-63 to the dollar,” Dmitry Polevoy, head of investment at firm LockoInvest, told Reuters.

Despite the unprecedented sanctions imposed on Russia, surging exports and strict capital controls have sapped demand for foreign currencies and sent the ruble soaring to its strongest levels in years. It had risen to become the world’s best-performing currency so far this year, according to Bloomberg, before last week’s slide. However, a rapidly appreciating ruble is a problem for both exporters and the government budget. To stem the ruble’s strength, the Bank of Russia on Thursday slashed the key interest rate by three percentage points to 11%, suggesting that more cuts would follow as inflation risks subside.

Previous government attempts to slow the currency’s rise failed and the ruble continued to appreciate.

Opinion pieces don’t necessarily reflect the position of our news site but of our Opinion writers.

Support the ANR from as little as $8 – it only takes a minute. If you can, please consider supporting us with a regular amount each month. Thank you.

Related News

Subscribe for free to our ANR news emails and access 2 free ebooks plus Reports to share with family and friends about Covid fraud and the danger of the vaccines.

Australian National Review is Australia’s first real free and independent press, one with no editorial control by the elite, but a publication that can generate critical thinkers and critical debate and hold those spreading mistruths and deliberate propaganda in mainstream media to account.

News with a difference that will be educational, compelling and create a platform for political and social change in this country and address the real issues facing this country and the world.

Watch Full Documentary

URGENT: JUST 3 DAYS REMAIN TO HELP SAVE INDEPENDENT MEDIA & ANR, SO LET'S CUT THE BS & GET TO THE POINT - WE WILL BE FORCED TO LAY OFF STAFF & REDUCE OPERATIONS UNLESS WE ARE FULLY FUNDED WITHIN THE NEXT 2 WEEKS

Sadly, less than 0.5% of readers currently donate or subscribe to us But YOU can easily change that. Imagine the impact we'd make if 3 in 10 readers supported us today. To start with we’d remove this annoying banner as we could fight for a full year...

Get access to TruthMed- how to save your family and friends that have been vaxx with vaccine detox, & how the Unvaxxed can prevent spike protein infection from the jabbed.

Free with ANR Subscription from $8

Download the Full PDF - THE COVID-19 FRAUD & WAR ON HUMANITY