Rouble recovers after slump to seven-week low past 101 vs dollar
© Reuters. FILE PHOTO: A vendor counts Russian rouble banknotes at a market in Saint Petersburg, Russia July 9, 2023. REUTERS/Anton Vaganov/File Photo
By 0927 GMT, the rouble was 0.3% stronger against the dollar at 100.13, having earlier touched 101.50, its weakest since Aug. 14.The rouble's last tumble into triple digits in August led the Bank of Russia to make an emergency 350 basis-point rate hike to 12% and authorities to discuss reintroducing controls to buttress the currency, but interventions - verbal or otherwise - have been more limited this time around.
Accelerating inflation hit 5.94% on Oct. 2, the economy ministry said this week, while the central bank is widely expected to hike rates from 13% currently at its next meeting later this month.Delayed action by the authorities and Russia's trade imbalance - exports have contracted this year, while imports have recovered sharply - are causing the rouble's weakness, said Promsvyazbank analysts in a note.
Reimposing a requirement that exporters sell a portion of their FX revenues could strengthen the rouble, but may hinder Russian businesses' investment plans, said Gazprombank Investments in a note., a global benchmark for Russia's main export, was down 0.1% at $84.02 a barrel, near its lowest since late August.
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