NVDA Q3 Earnings Alert: Why our AI stock picker is still holding Nvidia stockRead More

Russian rouble firms against euro, steady vs dollar

Published 09/25/2023, 11:27 AM
Updated 09/25/2023, 11:30 AM
© Reuters. A view shows a Russian one rouble coin in front of a screen displaying the Spasskaya tower of the Moscow Kremlin in this illustration picture taken August 22, 2023. REUTERS/Maxim Shemetov/Illustration
USD/RUB
-

(Reuters) - The rouble firmed against the euro on Monday while trading little changed against the dollar, in a week when companies' need for roubles to settle end-of-month tax payments should lend the Russian currency some support.

At 1452 GMT, the rouble was steady against the dollar at 96.24 and had gained 0.6% to trade at 101.98 versus the euro.

On global forex markets, the euro was at its weakest since March 16 against the dollar, reflecting views that the European Central Bank is unlikely to raise rates further, whereas the Federal Reserve set out a hawkish rate outlook last week.

Last week, Russia's government said a new set of export duties linked to the rouble-dollar exchange rate would be introduced on Oct. 1 and last until the end of next year.

The move should lead to extra government revenues - as much as 600 billion roubles ($6.23 billion) per year, according to seven Reuters sources - and could also buttress the rouble.

© Reuters. A view shows a Russian one rouble coin in front of a screen displaying the Spasskaya tower of the Moscow Kremlin in this illustration picture taken August 22, 2023. REUTERS/Maxim Shemetov/Illustration

The government said the duty would not apply if the rouble strengthened beyond 80 to the dollar. Otherwise it would range from 4% to 7%, reaching its maximum if the rouble was weaker than 95 per dollar.

Russian stock indexes were lower, with the dollar-denominated RTS index down 0.5% to 995 points and the rouble-based MOEX Russian index down 0.4% at 3,036.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.