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Russian rouble steadies above 100 to the US dollar
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Russian rouble steadies above 100 to the US dollar
Dec 17, 2024 1:31 AM

MOSCOW, Dec 17 (Reuters) - The Russian rouble steadied

above 100 to the U.S. dollar on Tuesday as the international

payments situation stabilised following the imposition of U.S.

financial sanctions last month.

By 0840 GMT, the rouble was flat at 104.50 against

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

banks. The rouble weakened by 0.7% to 13.96 against the yuan in

trading on the Moscow Stock Exchange.

The rouble fell by as much as 15% against the dollar after

U.S. sanctions hit Russia's third-largest lender Gazprombank,

which handled payments for Russian energy. The sanctions

prompted panic buying of foreign currency.

The rouble has since regained some of the lost ground and

stabilised above 100 to the dollar, seen by the market as the

new equilibrium level, at which the Russian currency could

remain for some time provided there are no new external shocks.

The market was expecting support for the rouble from

increased foreign currency sales by exporting companies, which

need to buy roubles at the end of the month to make their

corporate tax payments.

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

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

rate, were flat at 102.96. The Russian central bank set an

official exchange rate at 102.91 to the dollar.

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