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Market Update: Russian Ruble Recovers from Over 2-Week Low on Higher Oil Prices
The Russian ruble recovered some ground to 72.5 per USD from an over 2-week low of 73.3 touched on Monday, supported by soaring oil prices and month-end tax payments that prompted export-focused companies to convert their foreign currency proceeds into rubles. The currency started the week on the back foot after the US National Security Adviser Jake Sullivan said during the weekend the US was preparing another package of sanctions over the poisoning of Alexei Navalny. Earlier in the month, US President Joe Biden and Russia’s Vladimir Putin agreed to begin cybersecurity and arms control talks during its first meeting in Geneva that highlighted their discord on those issues, human rights and Ukraine. On the monetary policy front, the Russian central bank raised interest rates for the third time this year and signaled they would consider more monetary tightening at upcoming meetings. [/s2If]
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