financetom
World
financetom
/
World
/
Rouble recovers from three-month low after Putin's re-election
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Rouble recovers from three-month low after Putin's re-election
Mar 18, 2024 1:10 AM

March 18 (Reuters) - The Russian rouble firmed on

Monday, recovering from three-month lows against the euro and

yuan, a day after President Vladimir Putin won a record

post-Soviet landslide in Russia's election, cementing an

already-tight grip on power.

By 0804 GMT, the rouble was 1% stronger against the dollar

at 91.96, recovering from 93.4350 in early trade,

its weakest point since Feb. 9.

It gained 1% to trade at 100.18 versus the euro

and firmed 1% against the yuan to 12.75

, having earlier fallen to its lowest since late

December against both currencies.

The rouble had weakened steadily in the week leading up to

the election, but the ultimate impact on the Russian market was

limited.

"The rule is that when the voting results are widely

expected and perceived by investors as certain, market reaction

is usually muted," said Bartosz Sawicki, market analyst at

Conotoxia fintech.

Sawicki said Russia's isolation due to nonexistent hard

currency capital flows was also suppressing market moves.

Alor Broker's Alexei Antonov said the market could get a

post-election boost from risk-averse investors increasing

purchases of Russian assets.

Brent crude oil, a global benchmark for Russia's

main export, was up 0.6% at $85.87 a barrel.

Russian stock indexes were mixed.

The removal of political uncertainty after Putin's election

win will be a factor in the Russian stock market's favour in

early trading, said Veles Capital analyst Elena Kozhukhova.

The dollar-denominated RTS index was up 0.9% at

1,129.3 points. The rouble-based MOEX Russian index was

0.1% lower at 3,296.3 points.

Shares in TCS Holding, owner of Russian online

bank Tinkoff, fell more than 5% to a 10-month low soon after the

market's opening, as Moscow trading resumed after the company

redomiciled to Russia from Cyprus.

For Russian equities guide see

For Russian treasury bonds see

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 >
Copyright 2023-2026 - www.financetom.com All Rights Reserved