Russian rouble edges lower as month-end tax support passes By Reuters


© Reuters. FILE PHOTO: A Russian one rouble coin is pictured in front of a tower of the Kremlin and St. Basil’s Cathedral in Moscow, Russia, in this illustration picture taken June 24, 2022. REUTERS/Maxim Shemetov/Illustration

MOSCOW (Reuters) – The rouble edged lower against the dollar, euro and yuan on Tuesday, as the Russian currency began trading without the support of a favourable month-end tax period and investors awaited the U.S. Federal Reserve’s policy meeting.

The Fed is all but certain to raise interest rates by 75 basis points on Wednesday, but investors will be watchful for any signals that the pace of interest rate hikes may decelerate in the future.

At 0723 GMT, the rouble was 0.1% weaker against the dollar at 61.53 and had lost 0.3% to trade at 61.05 versus the euro. It had shed 0.3% against the yuan to 8.41.

The rouble has now lost the support of month-end tax payments, that usually see export-focused firms convert foreign currency revenues to pay local liabilities.

The rouble may attempt to weaken past 62 against the greenback, Banki.ru chief analyst Bogdan Zvarich said.

“In the course of trading we expect pressure on the national currency to remain, which will be facilitated by the lower supply of foreign currency from exporters due to the passing of the peak of tax payments,” Zvarich added.

, a global benchmark for Russia’s main export, was up 1.4% at $94.1 a barrel.

Russian stock indexes were climbing, trading at their highest in over a month.

The dollar-denominated RTS index was up 0.5% to 1,116.7 points, earlier touching its strongest point since Sept. 30. The rouble-based MOEX Russian index was 0.7% higher at 2,182.8 points, earlier reaching its highest mark since Sept. 23.

For Russian equities guide see

For Russian treasury bonds see

 

 



Source link

Related articles

Cluely’s ARR doubled in every week to $7M, founder Roy Lee says. However rivals are coming.

Cluely’s income has skyrocketed to about $7 million in ARR because it launched its new enterprise product every week in the past, founder Roy Lee advised TechCrunch. “Each single one that has a...

XRP Worth Can Nonetheless Cross $3, However It Wants To Maintain This Stage In opposition to Bears

Trusted Editorial content material, reviewed by main trade specialists and seasoned editors. Advert Disclosure XRP’s latest rally to $2.30 has been adopted by a cooling-off interval, with the value falling again to $2.18 after...

Listed here are the letters that permit Apple and Google ignore the TikTok ban

Greater than six months after TikTok was banned, we nonetheless do not know precisely what its destiny within the US will likely be. However we do have new perception into the authorized...

Forexlive Americas FX information wrap: Non-farm payrolls beat the consensus

Excessive danger warning: International alternate buying and selling carries a excessive stage of danger that might not...
spot_img

Latest articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

WP2Social Auto Publish Powered By : XYZScripts.com