financetom
Market
financetom
/
Market
/
Russian rouble stable vs US dollar, strengthens vs China's yuan
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Russian rouble stable vs US dollar, strengthens vs China's yuan
Dec 10, 2024 12:56 AM

MOSCOW, Dec 10 (Reuters) - The Russian rouble remained

stable against the U.S. dollar and the euro, strengthening

against China's yuan, after a period of volatility that followed

the U.S. financial sanctions imposed on Nov. 22.

By 0815 GMT the rouble was up 0.3% at 100.3 against the

dollar, according to over-the-counter market data from banks.

The rouble strengthened by 1.5% to 13.65 against the yuan in

trade on the Moscow Stock Exchange.

The strengthening against the yuan followed a 3.4% weakening

in yesterday's session in what analysts saw as the correction

after an over-selling of yuan by exporting companies. Yuan is

currently the most traded foreign currency in Russia.

The Russian central bank estimated in the report, published

on Dec. 9, that the Russian currency weakened by 11% against the

U.S. dollar and by 8.4% against China's yuan in November after

the sanctions were imposed.

The sanctions hit Gazprombank, Russia's third largest

lender, which handles payments for energy trade with Europe,

disrupting foreign trade transactions and the supply of foreign

currency to the Russian market.

The regulator said that as companies adjusted to the

sanctions and found new counterparts for transactions, pressure

on the rouble was expected to gradually decrease, with the

exchange rate guided by fundamental factors.

Trade in dollars and euros moved to the over-the-counter

market after Western sanctions in June targeted the Moscow Stock

Exchange. The central bank sets an official exchange rate for

both currencies based on data directly supplied by banks.

One-day rouble/dollar futures, which trade on the Moscow

Stock Exchange and are a guide for the over-the-counter exchange

rate, were down 1.2% at 100.63. The Russian central bank set an

official exchange rate at 99.38 to the dollar.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Transport stocks take a hit on Wall Street on economic and tariff fears
Transport stocks take a hit on Wall Street on economic and tariff fears
Feb 21, 2025
By Sinéad Carew and Nikhil Sharma NEW YORK/BENGALURU (Reuters) - Transportation stocks went sharply in reverse on Friday with the economic bellwether Dow Jones Transport average index falling more than 2.6% in its steepest daily loss since December 18 and its third consecutive decline, as investors reacted to weak economic readings and worried about tariffs.  While the transport index pared...
Warren Buffett sounds warning to Washington as Berkshire reports record profit, cash
Warren Buffett sounds warning to Washington as Berkshire reports record profit, cash
Feb 22, 2025
* Buffett says Uncle Sam should take care of less fortunate * Berkshire operating profit sets record * Annual meeting shortened By Jonathan Stempel NEW YORK, Feb 22 (Reuters) - Berkshire Hathaway ( BRK/A ) on Saturday reported record annual profits even while boosting its cash stake to $334.2 billion, as Warren Buffett used his annual shareholder letter to caution...
US Equity Indexes Fall This Week on Consumer Sentiment Concerns, Fed's Rate Pause
US Equity Indexes Fall This Week on Consumer Sentiment Concerns, Fed's Rate Pause
Feb 21, 2025
04:40 PM EST, 02/21/2025 (MT Newswires) -- US equity indexes slid this week as weak economic data and Walmart's ( WMT ) disappointing guidance triggered consumer woes, while the Federal Reserve indicated that trade and political risks still signal a pause in interest rate cuts. * The S&P 500 fell to 6,013.13 on Friday from 6,114.63 a week earlier. The...
Transport stocks take a hit on Wall Street on economic and tariff fears
Transport stocks take a hit on Wall Street on economic and tariff fears
Feb 21, 2025
By Sinéad Carew and Nikhil Sharma NEW YORK/BENGALURU (Reuters) - Transportation stocks went sharply in reverse on Friday with the economic bellwether Dow Jones Transport average index falling more than 2.6% in its steepest daily loss since December 18 and its third consecutive decline, as investors reacted to weak economic readings and worried about tariffs.  While the transport index pared...
Copyright 2023-2026 - www.financetom.com All Rights Reserved