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Market Update: Russian Ruble Steadies on Thursday
The Russian ruble traded at 72.6 per USD, mainly due to broad dollar strength on hawkish signals from the US Federal Reserve. Still, it remains not far from its strongest since July of 2020 of 71.5 touched last week, after the 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. The geopolitical discount in the ruble remains significant as in April 2019, when oil prices, one of the main drivers of the ruble’s exchange rate, were near current levels of around $74.5 a barrel, the ruble stood at around 65 to the dollar. Last week, the Russian central bank raised interest rates for the third time this year and signaled they would consider more monetary tightening at upcoming meetings. Policymakers voiced concerns about growing inflationary pressure after economic data showed Russia’s annual consumer price inflation accelerated more. [/s2If]
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