{"id":1366146,"date":"2022-03-09T07:43:20","date_gmt":"2022-03-09T12:43:20","guid":{"rendered":"http:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1366146"},"modified":"2022-03-09T07:46:34","modified_gmt":"2022-03-09T12:46:34","slug":"ruble-falls-as-it-reopens-for-trading","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ruble-falls-as-it-reopens-for-trading\/","title":{"rendered":"Ruble Falls as It Reopens for Trading"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fruble-falls-as-it-reopens-for-trading%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1366146&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><\/div>\n<p>(Bloomberg) &#8212; The ruble slumped as local traders got their first chance this week to react to a raft of negative developments for Russia including curbs on oil exports, the nation\u2019s key earner.<\/p>\n<p>Most Read from Bloomberg<\/p>\n<p>Since the currency\u2019s last close on Friday, the U.S. and U.K. banned Russian oil imports, Fitch Ratings warned that default now appears \u201cimminent,\u201d and JPMorgan Chase &#038; Co. and Bloomberg LP removed Russian assets from their indexes.<\/p>\n<p>\u201cThe ruble remains under selling pressure following another barrage of punitive measures,\u201d said Piotr Matys, an analyst at InTouch Capital Markets Ltd. \u201cThe market clearly lacks proper liquidity.\u201d<\/p>\n<p>Read More: U.S. and U.K. Ban Russia Oil Imports, Squeezing Putin on War<\/p>\n<p>The currency was down 11% at 117.3550 per dollar, taking its drop this year to almost 40% &#8212; far the worst retreat globally. Trading was thin, and on the offshore market before the open, the indicative bid-ask spread was 7.4% of the ask price, suggesting that there may be few actual transactions.<\/p>\n<p>Read More: Russia Keeps Stock Market Shut; Ruble Trading Set to Resume<\/p>\n<p>For now, a range of emergency steps taken by Russia\u2019s central bank have failed to arrest the currency\u2019s slide.<\/p>\n<p>On top of currency controls that banned foreigners from selling or collecting payments on local securities, the Bank of Russia temporarily banned banks from selling cash currency to citizens who don\u2019t already have foreign-exchange accounts. Last month, the monetary authority more than doubled its key rate to 20%.<\/p>\n<p>In the offshore market, the ruble was down 4% at 133.8810 per dollar, more than 8% weaker in the week.<\/p>\n<p>\u201cRussia\u2019s markets will have to grapple with the pricing of illiquidity, trade and financial sanctions,\u201d said Ray Choy, head of economics and research at Opus Asset Management Sdn Bhd in Kuala Lumpur. \u201cThe ruble can only go weaker.\u201d<\/p>\n<p>Distress Signs<\/p>\n<p>In Asia, the ruble tumbled to an all-time low of 20.5718 per yuan, compared with just 13.2817 at the end of February. A number of Chinese banks suspended trading of the currency pair last week, with signs of distress showing up in the widest ever bid-ask spread.<\/p>\n<p>While sentiment toward the ruble remains deeply negative, the currency\u2019s almost 40% slump over the past month and the soaring cost to short it suggest there\u2019s some prospect of at least a temporary rebound.<\/p>\n<p>\u201cFrom a speculator\u2019s view, shorting the ruble now could be akin to arriving at the party late,\u201d said Matt Simpson, a senior market analyst at City Index in Sydney. With Russia\u2019s central bank \u201creviving onshore trading, it\u2019s an act of confidence not ideal for a bearish scenario,\u201d he said.<\/p>\n<p>Most Read from Bloomberg Businessweek<\/p>\n<p>\u00a92022 Bloomberg L.P.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Bloomberg) &#8212; The ruble slumped as local traders got their first chance this week to react to a raft of negative developments for Russia including curbs on oil exports, the<\/p>\n","protected":false},"author":1,"featured_media":1892057,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1366146","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1366146","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1366146"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1366146\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1892057"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1366146"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1366146"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1366146"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}