The Russian ruble appreciates against the dollar as a volatile year comes to an end

© Reuters. FILE PHOTO: Newly designed Russian 100-ruble banknotes are seen at the Goznak printing plant in Moscow, Russia July 6, 2022. Moscow News Agency/Release via REUTERS

MOSCOW (Reuters) – The ruble strengthened on Friday, heading for 71 against the dollar as a volatile year draws to a close, with the final month of trading dominated by concerns about the impact of the method. West restricts oil prices to Russia’s export revenue.

At 07:08 GMT, the ruble was 1.3% stronger against the dollar at 71.22, recovering somewhat from an 8-month low of 72.9175 reached in the previous session.

The ruble has depreciated about 13% against the dollar since Russia’s oil export ceiling took effect on December 5, although analysts say the technical impact will be felt strongly. than in January-February.

It was up 0.6% to trade at 75.54 against the euro and up 1.7% against the yuan to 10.01.

The finance ministry on Friday said the maximum possible rate in the National Wealth Fund (NWF) has doubled to 60% as it restructures the rainy day fund to reduce reliance on currencies from countries called “unfriendly”.

The import recovery, which collapsed after Russia sent tens of thousands of troops into Ukraine as the West imposed sanctions and companies exited the market, also contributed to the ruble’s weakness.

“Even in a pessimistic scenario, the current account surplus is likely to remain at a historic high, providing some support for the ruble,” said Dmitry Polevoy, head of investments at Locko Invest. said.

“Our estimates vary from 67.4 to 81.1 per dollar on average in 2023.”

global standard for Russia’s main export, rose 0.6% to $84.0 a barrel.

President Vladimir Putin this week delivered Russia’s long-awaited response to the price ceiling, signing a decree banning the supply of oil and petroleum products from February 1 for five months to countries. compliance.

Russian stock indexes are higher.

The dollar-denominated RTS index rose 1.6% to 951.8 points. The ruble-based Russian MOEX index was 0.2 percent higher at 2,151.1 points.

(This story has been re-filtered to correct the spelling of the word ‘rouble’ in the title)

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