{"id":253018,"date":"2022-05-03T06:46:12","date_gmt":"2022-05-03T06:46:12","guid":{"rendered":"https:\/\/www.thetruthseeker.co.uk\/?p=253018"},"modified":"2022-05-04T07:21:56","modified_gmt":"2022-05-04T07:21:56","slug":"russian-rouble-hits-more-than-2-year-high-vs-euro-before-steadying-near-77","status":"publish","type":"post","link":"https:\/\/www.thetruthseeker.co.uk\/?p=253018","title":{"rendered":"Russian rouble hits more than 2-year high vs euro before steadying near 77"},"content":{"rendered":"

Reuters \u2013 April 26, 2022<\/strong><\/h1>\n

The Russian rouble clipped a more than two-year high against the euro in early trade on Tuesday before stabilising near Monday’s close, in a week where tax payments are supporting the currency and as investors look ahead to an expected rate cut on Friday.<\/p>\n

At 0817 GMT, the rouble had gained 0.3% to trade at 76.90 versus the euro , after earlier hitting 75.95, its strongest mark since early March 2020. It was 0.1% stronger against the dollar at 73.04 .<\/p>\n

Trading activity remains subdued and somewhat erratic compared with levels seen before Feb. 24, when Moscow sent tens of thousands of troops into Ukraine.<\/p>\n

Movements in the rouble are artificially limited by capital controls imposed by the central bank, and the economy faces soaring inflation, capital flight and the risk of a possible debt default after the West imposed tough sanctions.<\/p>\n

Russian companies due to pay income tax on Thursday should give the rouble additional support this week, said Promsvyazbank analysts.<\/p>\n

But the payment period for Russia’s mineral extraction tax ended on Monday, which could limit upside for the rouble. Payments in April may have hit a new record, according to analysts’ estimates.<\/p>\n

“During this week, foreign currency sales by exporters after a recent easing of currency controls could practically end and the rouble, probably, will come under pressure,” said Sberbank CIB.<\/p>\n

The market is also looking ahead to Friday’s rate decision. The central bank is widely expected to cut its key interest rate by 200 basis points to 15% as it tries to stimulate more lending in the economy in the face of high inflation, a Reuters poll showed.<\/p>\n

Lower rates support the economy through cheaper lending but can also fan inflation and make the rouble more vulnerable to external shocks.<\/p>\n

Russian stock indexes were climbing.<\/p>\n

Continues \u2026<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Despite sanctions and embargos Russia\u2019s rouble has grown stronger<\/p>\n","protected":false},"author":39262,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[66,91],"tags":[],"class_list":["post-253018","post","type-post","status-publish","format-standard","hentry","category-Economics","category-russia"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/253018","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/users\/39262"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=253018"}],"version-history":[{"count":1,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/253018\/revisions"}],"predecessor-version":[{"id":253019,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/253018\/revisions\/253019"}],"wp:attachment":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=253018"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=253018"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=253018"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}