Ruble slumps to almost 8-month low

22 December 2022, 05:23 PM
Долар, пробивши позначку 72 рублі, відкриває собі горизонт виходу в діапазон 73−75 рублів за $1 (Photo:Vardan Papikyan\Unsplash)

Долар, пробивши позначку 72 рублі, відкриває собі горизонт виходу в діапазон 73−75 рублів за $1 (Photo:Vardan Papikyan\Unsplash)

The Russian ruble is trading on the Moscow stock exchange at an almost 8-month low of RUR 77.02 against the euro and RUR 72.38 against US dollar, the Russian edition of Forbes magazine reported on Dec. 22.

Forbes wrote that "such fall of the ruble can't be explained by economic reasons alone, and there are unconfirmed rumours about a big buyer on the market."

According to an analyst of the Research organisation, Andriy Kochetkov, "oil exports are dropping amid the G-7's oil ban, and the rise of China's imports from Russia could not have had such an impact."

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He said that "technically the ruble was harshly overtraded" and it is capable of getting stronger if the pressure eases somewhat. For example, it could happen at the end of the tax period, when exporters sell foreign currency and buy rubles.

An analysis by Russian bank PSBank says that after hitting the low mark of RUR 72 to the dollar, the exchange rate could settle in the RUR 73-75 to the dollar range.

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