Ruble Climbs to March 2020 Levels vs. Euro

<div><img width="1000" height="667" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2022/03/shutterstock_1910700046.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Russian Rouble Spiraling Further Down" loading="lazy" srcset="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2022/03/shutterstock_1910700046.jpg 1000w, https://6ztkp25f.tinifycdn.com/wp-content/uploads/2022/03/shutterstock_1910700046-300×200.jpg 300w, https://6ztkp25f.tinifycdn.com/wp-content/uploads/2022/03/shutterstock_1910700046-768×512.jpg 768w" sizes="(max-width: 1000px) 100vw, 1000px" /></div><h1><span data-preserver-spaces="true">Ruble Climbs </span><strong><span data-preserver-spaces="true">to March 2020</span></strong><span data-preserver-spaces="true"> Levels vs. Euro</span></h1>
<p><a href="https://www.financebrokerage.com/the-russian-rouble-weakened/" target="_blank" rel="noopener"><span data-preserver-spaces="true">The Russian ruble</span></a><span data-preserver-spaces="true"> continued gains in early Moscow trade on Thursday, aided by month-end tax payments, which resulted in the significant conversion of foreign cash into rubles, while market indices showed solid increases.</span></p>
<p><span data-preserver-spaces="true">Russian market movements are partly artificial because capital controls support the ruble. At the same time, stocks trade with a short-selling ban, and foreign participants prohibit from selling shares in Russian enterprises without permission. The ruble was 0.3 percent firmer versus the dollar; it traded at 72.59 on the Moscow Exchange after reaching 72 in fair trade. It reached 74.3525 against the euro, a level last seen in early March 2020, before falling 0.5 percent to 75.75.</span></p>
<p><span data-preserver-spaces="true">According to Promsvyazbank analysts, the Russian currency fluctuates between 71 and 73 rubles to the US dollar.</span></p>
<p><a href="https://www.financebrokerage.com/euro-lags-behind-the-russian-ruble/" target="_blank" rel="noopener"><span data-preserver-spaces="true">The ruble</span></a><span data-preserver-spaces="true"> has strengthened as export-oriented firms sold their foreign exchange earnings to meet local liabilities that could top 3 trillion rubles ($41.24 billion) this month. The ruble had recovered to pre-February 24 levels when Russia launched a “special military operation” in Ukraine; it resulted in unprecedented western sanctions, including a freeze on Russia’s reserves.</span></p>
<p><span data-preserver-spaces="true">Bond yields on 10-year benchmark OFZ treasury bonds have stabilized near 10.13 percent ahead of Friday’s central bank’s rate-setting meeting.</span></p>
<p><span data-preserver-spaces="true">According to the poll conducted earlier this week, the Bank of Russia predicted to drop its key interest rate by 200 basis points to 15% to boost financial lending in the face of high inflation.</span></p>
<p><span data-preserver-spaces="true">Russian stock indices were up. The dollar-denominated RTS index gained 2.2 percent to 1.072.0 points, while the ruble-denominated MOEX gained 1.9 percent to 2,470.7 points.</span></p>
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