Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The 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 stable after Moscow ditches Black Sea grain deal

2022 10 31T130650Z 1 LYNXMPEI9U0HK RTROPTP 4 RUSSIA ROUBLE BANKNOTE - Global Banking | Finance

(Reuters) – The Russian rouble pared early losses to gain ground on Monday in the first session since Moscow said it would suspend its role in the landmark Black Sea grain deal over the weekend.

Global food prices climbed on Monday after Russia said it was suspending participation in the U.N.-brokered grain accord for an “indefinite term” after what it said was a major Ukrainian drone attack on its Black Sea fleet in Crimea.

At 1230 GMT the rouble was up 0.3% against the U.S. dollar to 61.37, reversing earlier losses that had seen it down 0.6% in morning trading. The currency was flat against the euro at 61.10 and up 0.4% against the Chinese yuan to 8.37 .

The July grain corridor deal, which helped to unlock Ukrainian exports from its southern Black Sea ports, was the most significant diplomatic breakthrough so far in the eight-month-old conflict in Ukraine.

Kyiv and the West criticised Russia’s decision to ditch the agreement and analysts warned that this could cause another spike in global food prices.

Monday represented the final day of a domestic month-end tax period, which usually provides some support to the rouble. Monday was also the first full session after the central bank ended its rate-cutting cycle on Friday and said Moscow’s partial military mobilisation drive would be inflationary over the medium term.

“The end of the tax period and large dividend payments, coupled with a further decline in Russia’s trade balance, is likely to send the rouble in the direction of 65 (against the U.S. dollar) by the end of the year,” wrote Dmitry Polevoy, investment director at Moscow-based broker Locko Invest.

Russian stock indexes were up slightly.

The dollar-denominated RTS index had gained 0.2% at 1,116.2 points while the rouble-based MOEX Russian index was up 0.3% at 2,174.9 points.

(Reporting by Jake Cordell; Editing by David Goodman and Mark Heinrich)

Global Banking & Finance Review


Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!

By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post