MOSCOW, July 29 – The Russian rouble experienced a decline against the dollar on Monday, coinciding with the deadline for corporate tax payments. This weakening follows a period of increased foreign currency sales by exporters, who had stockpiled roubles for tax obligations.
As of 0730 GMT, the rouble had fallen by 0.3% to 86.40 RUB per dollar.
Recent trading in major currencies has moved to the over-the-counter (OTC) market, making pricing data less transparent. This shift occurred after Western sanctions were imposed on the Moscow Exchange and its clearing agent, the National Clearing Centre, on July 12.
Despite the rouble’s decline, it received some backing from the central bank’s decision last Friday to raise its key interest rate by 200 basis points to 18%.
Against the yuan, which had become the most traded foreign currency in Moscow prior to the sanctions, the rouble depreciated by 0.1% to 11.56 in the OTC market.
The rouble also fell by 0.3% to 93.72 per euro.
In commodities, Brent crude oil, a key export for Russia, rose by 0.1% to $81.23 per barrel due to concerns over escalating tensions in the Middle East.
Related topics:
