Connect with us
Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.


Russian rouble gains 3% on first working day of 2023

Russian rouble gains 3% on first working day of 2023 1

By Jake Cordell

(Reuters) – The Russian rouble started the first full trading day of the new year on the front foot, advancing by more than 3% against the U.S. dollar to rebound from six-month lows hit in volatile trading at the end of 2022.

At 1005 GMT on Monday, the rouble had passed through the 70-mark against the U.S. dollar, trading up 3.4% at 69.68. The currency was also up 1.9% against the euro to 74.77, and was 2.2% stronger against the Chinese yuan, trading at 10.23 in Moscow.

Having spent long periods of last year as the world’s best-performing currency, the Russian rouble lost 17% in December following Western moves to introduce a price cap and an EU embargo on Russian oil exports.

“Before New Year there was clearly a tendency to reduce exposure to stocks and a rush to the dollar,” said Alor Broker analysts in a research note on Monday.

“In the coming days, if the geopolitical background does not interfere, there should be a reversal of those trends … major exporters should start selling foreign exchange earnings accumulated over the holidays and investors should start to sell-down dollars bought for protection,” they added.

Russian markets saw record low trading volumes during extended start-of-year holidays in the first week of January, partly due to the exodus of Western institutional investors from the Russian markets last year.

The rouble and stocks saw little change amid the low liquidity – with the large corporates that power Russia’s FX markets and the retail investors that are increasingly the drivers of the stock market away from their desks.

On Monday, Russian stocks followed the rouble higher. The dollar-denominated RTS index jumped 3.9% to 979.1 points – largely on the currency effect – while the rouble-based MOEX Russian index advanced 0.4% to 2,164.6 points.

For Russian equities guide see

For Russian treasury bonds see

(Reporting by Jake Cordell; Editing by Alex Richardson)

Global Banking and Finance Review Awards Nominations 2022
2023 Awards now open. Click Here to Nominate


Newsletters with Secrets & Analysis. Subscribe Now