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Russian rouble rebounds vs dollar, stays at two-year low
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Russian rouble rebounds vs dollar, stays at two-year low
Nov 25, 2024 1:35 AM

MOSCOW, Nov 25 (Reuters) - The Russian rouble rebounded

slightly against the U.S. dollar on Monday but remained at a

two-year low on new U.S. sanctions on the banking sector and the

launch of a new hypersonic missile by Russia last week.

By 0900 GMT, the rouble was up 0.8% at 103.50 against

the dollar, according to LSEG data. On Friday the rouble hit

104.35, its weakest mark since March 23, 2022.

The rouble weakened by over 1% against the yuan to 14.19 in

Moscow Exchange trade, also the lowest level since March 2022,

and was flat at 108.71 to the euro.

BCS brokerage analysts said they expected some verbal

interventions from the central bank and the government to

prevent the further slide of the rouble, which was fuelling

inflation and making the current monetary tightening less

effective.

"Against the backdrop of the devaluation, we have a

pro-inflationary spiral. Financial authorities may resort to at

least verbal interventions, and over time this could contribute

to the stabilisation of the rouble," they said.

The rouble's official exchange rate, set by the central bank

using over-the-counter data, was set at 102.58 to the dollar.

The Russian currency is expected to receive some support

this week from sales of foreign currency by exporting companies

ahead of tax payments.

Brent crude oil, a global benchmark for Russia's

main export, eased 0.56% to $74.75 on Monday after rising 6%

last week on rising tensions between Western powers and major

oil producers Russia and Iran.

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