Foreign Currency

Russian Ruble Steadies Near $91.5 — TradingView News

The Russian ruble stabilized at around 91.5 per USD, underpinned by expectations of increased foreign currency inflow from exporters’ tax payments amidst higher oil prices and dividends season.

According to the latest report from the country’s finance ministry, the oil and gas revenues, crucial for the economy, were forecasted to climb to 132.1 billion rubles in March 2024.

Further support stemmed from capital controls for exporters, set to remain in force until the end of spring, and tight monetary conditions.

Central bank officials’ statements, along with higher-than-anticipated inflation data, have dampened expectations for early interest rate cuts and raised the attractiveness of high-yield ruble instruments.

However, the local currency faced pressure from escalating geopolitical risks as the West prepares to unveil more sanctions and attacks on infrastructure facilities of Russian commodities companies continue.

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