The Russian ruble gained slightly against the dollar on Tuesday after the Russian currency continued to weaken on Monday. Now the Russian currency is being helped by the fact that yesterday the Moscow government further relaxed the foreign currency sales requirements for exporters.
On Tuesday morning, the ruble was 0.3% higher at 88.05 against the dollar.
On Monday, Russia’s central bank also announced it would suspend the publication of trade volume data from the over-the-counter market to “limit the impact of sanctions.” These publications served as important guidelines for traders, and the move further reduces market transparency, Reuters reports.
Foreign currency sales by Russian exporters are a key factor affecting the ruble exchange rate. To support the ruble, a requirement to sell 80% of foreign currency earnings was introduced in October 2023, then reduced to 60% in June. On July 13, the government reduced the limit to 40%.
Against the yuan, which had become the most traded currency in Moscow even before the latest sanctions, the ruble stood at 12.05, according to analysis of the over-the-counter market.
Against the euro, it strengthened by 0.1% to 96.15.
Source: www.portfolio.hu
