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Russian rouble seeks new equilibrium after period of volatility
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Russian rouble seeks new equilibrium after period of volatility
Dec 11, 2024 2:18 AM

MOSCOW, Dec 11 (Reuters) - The rouble traded above the

100 mark against the U.S. dollar on Wednesday as the currency

sought a new equilibrium following a sharp fall at the end of

November and subsequent strengthening in recent days.

By 0930 GMT, the rouble was flat at 102.8 against the

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

The rouble strengthened by 1% to 13.84 against the yuan in

trading on the Moscow Stock Exchange.

"Overall, the market is trying to find equilibrium at

current levels," said Yevgeny Loktyukhov from Promsvyazbank,

noting the ongoing difficulties due to the adaptation of

importers and exporters to the latest U.S. sanctions.

The U.S. sanctions, imposed on Nov. 22, 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 rouble weakened sharply against all major currencies,

including China's yuan, in the aftermath of the sanctions, but

has since regained much of that ground.

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

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

rate, were up 1.5% at 103.00. The Russian central bank set an

official exchange rate at 100.00 to the dollar.

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