Oct 6 (Reuters) – Russia’s ruble falls above $101 against the dollar, its lowest in more than seven weeks, under pressure from lower oil prices and reduced foreign exchange supplies from exporters as the Russian market opens. It fell to a low point before regaining ground on Friday. Month.
By 0927 GMT, the ruble had risen 0.3% against the dollar to 100.13 rubles, having previously hit 101.50, its lowest level since August 14.
Against the euro, the currency rose 0.2% to 105.60 yuan, and against the euro, it rose 0.3% to 13.69 yuan.
After the ruble last fell to triple digits in August, the Bank of Russia implemented an emergency interest rate hike of 350 basis points to 12%, and authorities discussed reintroducing regulations to strengthen the currency. , verbal or other interventions have been more limited this year. time around.
The Kremlin said there was no cause for concern. President Vladimir Putin acknowledged on Thursday that the weak ruble was a problem, but praised the economy’s resilience to Western sanctions imposed in response to Russia’s invasion of Ukraine;
The Economy Ministry said this week that inflation had accelerated to 5.94% on October 2, but the central bank is widely expected to raise interest rates from the current 13% at its next meeting later this month.
Short-term drop?
Analysts at Promsvyazbank said in a note that a slow response from authorities and Russia’s trade imbalance – exports have shrunk this year, while imports have rebounded sharply – are contributing to the ruble’s weakness.
“We expect it to be short-lived as the dollar moves into the triple-digit zone and authorities will take measures that could cool the currency market.”
Gazprombank Investments said in a note that reimposing requirements on exporters to sell part of their exchange earnings could strengthen the ruble, but could hamper investment plans of Russian companies. Stated.
Brent crude, the global benchmark for Russia’s main export, fell 0.1% to $84.02 a barrel, near its lowest since late August.
The Russian government on Friday lifted up Due to the ban on pipeline diesel exports via ports, limit It was installed on September 21st.
These restrictions on fuel exports from Russia, the world’s largest maritime fuel exporter ahead of the United States, are pushing up global prices and forcing some fuels higher. buyer Compete for alternative sources of gasoline and diesel.
Russian stock indexes were mixed.
Dollar-denominated RTS index (.IRTS) The index rose 0.1% to 983.1 points, having previously hit a three-month low.MOEX Russia Index based on rubles (.IMOEX) fell 0.2% to 3,124.6 points.
Reporting by Alexander Marrow; Editing by Christina Fincher and Mark Potter
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