Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Connect with us

Hi, what are you looking for?

slide 3 of 2
THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Cryptocurrencies

Cryptocurrencies

After 15-month low following attempted revolt, rouble recovers.

A view shows Russian rouble coins in this illustration picture taken March 25, 2021. REUTERS/Maxim S... A view shows Russian rouble coins in this illustration picture taken March 25, 2021. REUTERS/Maxim Shemetov/Illustration
A view shows Russian rouble coins in this illustration picture taken March 25, 2021. REUTERS/Maxim S... A view shows Russian rouble coins in this illustration picture taken March 25, 2021. REUTERS/Maxim Shemetov/Illustration

Listen to the article now

After a 15-month low following attempted revolt, the rouble recovers. Investors responded for the first time to an aborted mercenary revolt in Russia over the weekend, sending the Russian rouble to its lowest level in nearly 15 months versus the dollar.

After topping 87.2300 in early trade, the rouble recovered to 84.53 by 1010 GMT.

After touching its lowest in almost two months against both currencies, it rose 0.3% to 92.07 against the euro and 0.5% to 11.66 against the yuan.

Mercenaries led by Yevgeny Prigozhin retreated from Rostov-on-Don overnight on Saturday in a deal that halted their swift advance on Moscow but raised questions about President Vladimir Putin’s power.

“Politics is again having a negative impact on investors’ mood,” said Alor Broker’s Alexey Antonov. “The peak of tensions has passed, but an unpleasant residue will linger for some time.”

Russian banks had provided exchange rates above 90 to the dollar over the weekend due to the rouble not trading, but tensions were reducing.

“The rouble in the cash market sold off sharply on Saturday with buy/offer spreads widening substantially,” Goldman Sachs wrote.

Goldman Sachs believes fiscal finances drive currency movements, but Russian authorities have enough resources to sustain the ruble.

“We expect a weaker rouble if the weekend events lead to more spending.”
First Deputy Prime Minister Andrei Belousov said foreign currency demand rose dramatically over the weekend in around 15 districts.

“On average, it was about 30%, but most active growth in demand for cash was recorded in southern regions – Voronezh, Rostov and Lipetsk, as well as large cities,” Belousov added. “Demand there increased by about 70-80%.”

Investors worldwide expected a rally into safe havens like U.S. government bonds and the currency after the foiled revolt.

Brent crude, Russia’s primary export, rose 0.4% to $74.17 a barrel.

Russian stocks fell.

Sinara Investment Bank said Friday evening’s “unexpected and dramatic events” caused a sell-off, but the weekend’s settlement prevented further selling.

“Market participants may be cautious for some time,” Sinara warned.

Dollar-denominated RTS index (.IRTS) fell 0.9% to 1,030.1 points. At 2,764.1 points, the rouble-based MOEX Russian index fell 1.1%.

After plunging substantially Friday night, most firms’ shares outperformed the main index.


Comment Template

You May Also Like

Finance

The insurance industry's shift toward securitized debt, driven by soaring annuity demand, underscores its focus on long-term financial security. Investments in asset-backed securities and...

Finance

Blackstone Inc. predicts a surge in mergers and acquisitions (M&A) for 2025, fueling record collateralized loan obligation (CLO) issuance. With tightened spreads on AAA-rated...

Business

Alphabet Inc. reached a major milestone as its shares closed above $200 for the first time, driven by a strong focus on AI innovation...

Business

In 2024, electrified vehicles hit a milestone, accounting for 20% of U.S. new car sales. With 3.2 million EVs and hybrids sold, Tesla led...

Notice: The Biznob uses cookies to provide necessary website functionality, improve your experience and analyze our traffic. By using our website, you agree to our Privacy Policy and our Cookie Policy.

Ok