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Russian rouble dips to 100 to dollar as Trump declares election win
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Russian rouble dips to 100 to dollar as Trump declares election win
Nov 9, 2024 11:10 AM

MOSCOW, Nov 6 (Reuters) - The Russian rouble briefly

weakened to 100 against the dollar on Wednesday as Donald Trump

claimed victory in the U.S. presidential election, a result that

could push the U.S. currency higher.

Trump claimed victory in the 2024 presidential contest after

Fox News projected that he had defeated Democrat Kamala Harris,

which would cap a stunning political comeback four years after

he left the White House.

By 0737 GMT, the rouble was 0.2% weaker against the dollar

at 98.00, earlier touching 100.25, close to its weakest

point in over a year.

The rouble was steady against the yuan at 13.73, according

to LSEG data, and gained 1.2% to 105.6 against the euro

.

Analysts generally assume Trump's plans for restricted

immigration, tax cuts and sweeping tariffs if enacted would put

more upward pressure on inflation and bond yields, than Harris'

centre-left policies.

Trump's proposals would also tend to push up the dollar and

potentially limit how far U.S. interest rates might ultimately

be lowered. Trump has also criticised the level of U.S. military

support for Ukraine and has pledged to end the conflict soon.

Western sanctions imposed on the Moscow Exchange (MOEX) and

its clearing agent, the National Clearing Centre, on June 12

stopped all trade in dollars and euros at MOEX, making the yuan

the most-traded foreign currency in Russia.

Trade in dollars and euros has shifted to the

over-the-counter (OTC) market, obscuring price data.

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

exchange are a guide for OTC market rates. The central bank's

official exchange rate, which it calculates using OTC data, was

last set at 98.06 to the dollar.

Russia's rouble-denominated MOEX Russian stock index

was 2.3% higher at 2,677.9 points.

(Writing by Alexander Marrow; editing by Philippa Fletcher)

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