{"id":2060437,"date":"2023-10-09T12:31:02","date_gmt":"2023-10-09T16:31:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/russian-rouble-rebounds-from-over-18-month-low-vs-dollar\/"},"modified":"2023-10-09T12:32:48","modified_gmt":"2023-10-09T16:32:48","slug":"russian-rouble-rebounds-from-over-18-month-low-vs-dollar","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/russian-rouble-rebounds-from-over-18-month-low-vs-dollar\/","title":{"rendered":"Ruble bounces back from 18-month low against dollar."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">16<\/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%2Frussian-rouble-rebounds-from-over-18-month-low-vs-dollar%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=2060437&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--><p><!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\"><br \/>\n<?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><html><body><\/p>\n<div class=\"entry-content\">\n<p><strong>By Alexander Marrow<\/strong><\/p>\n<p><strong>October 9,\u2064 2023 \u2013 8:07\u2063 AM PDT<\/strong><\/p>\n<div id=\"div-gpt-ad-1663871513696-art-2\" style=\"min-width: 320px; min-height: 50px; text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-2'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p><strong>(Reuters) \u2013 The rouble rebounds after hitting an 18-month low against the dollar<\/strong><\/p>\n<p>Amid a\u2064 volatile session, the rouble managed to\u200d gain ground thanks to higher oil \u200bprices. Reduced foreign currency supply had initially hampered its performance.<\/p>\n<p><strong>Events in the Middle East dampen risk appetite<\/strong><\/p>\n<p>The Israeli \u2063military&#8217;s\u2064 call for 300,000 reservists, following\u200b a raid by Hamas fighters that resulted in the deaths of hundreds\u200c of Israelis and the seizure\u200d of hostages, shattered \u2062Israel&#8217;s reputation of invincibility.<\/p>\n<p>By 1500 GMT, the rouble \u2063had recovered from hitting its weakest point since March 23, 2022, and was 0.7%\u2063 stronger\u200d against the dollar at 99.75. It had \u200bpreviously tumbled to a record low of 121.5275 after Russia&#8217;s invasion of Ukraine in February 2022.<\/p>\n<p>The \u200drouble also gained 0.5% against the euro, trading at 105.24, and firmed \u200c0.6% against the yuan, reaching \u200c13.64.<\/p>\n<p><strong>The \u200drouble&#8217;s previous tumble led \u200cto emergency rate hikes and discussions of currency controls<\/strong><\/p>\n<p>In\u200b response \u2064to the rouble&#8217;s \u200dprevious fall into triple \u2063digits, the\u200b Bank of Russia\u2062 implemented an <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/russian-rouble-rebounds-from-over-18-month-low-vs-dollar\/\" title=\"Ruble bounces back from 18-month low against dollar.\">emergency 350 basis-point rate hike<\/a> to 12% and authorities\u200b considered reintroducing controls \u200cto \u2064support\u2062 the currency. However, interventions have been more limited \u200bthis time around.<\/p>\n<p>Rates were\u200c raised to \u200c13% in September, and analysts expect\u200b another\u200d hike on Oct. 27. The persistent weakness of the rouble\u200b is seen as a factor limiting Russia&#8217;s long-term growth prospects.<\/p>\n<p><strong>Higher oil prices contribute to the rouble&#8217;s rebound<\/strong><\/p>\n<p>Brent \u200bcrude oil, \u200ca key export for Russia, rose 3.9% to $87.85 a barrel \u200bdue to the military conflict in the Middle East.<\/p>\n<p>Russia&#8217;s\u2064 finance ministry predicts an increase in tax revenues \u200cfrom energy companies in October.<\/p>\n<p>&#8220;If these forecasts come true, then oil companies will \u2062have to sharply increase the volume of sales\u200c of FX revenues for settlements with the \u200cbudget,&#8221; said Alor Broker&#8217;s Alexei Antonov.<\/p>\n<p>Antonov added\u200b that\u200d exporters are unlikely to limit FX\u2064 sales until the end of the month when taxes are due, suggesting that the rouble could continue to recover this week.<\/p>\n<p>Russian stock\u2063 indexes, particularly oil companies, experienced gains.<\/p>\n<p>The dollar-denominated RTS\u200c index (.IRTS) rose 1.4% to 1,001.3\u2064 points, while the rouble-based MOEX Russian index (.IMOEX)\u2064 reached a near one-month high, rising 0.9% to \u20633,172.2 points.<\/p>\n<p>Reporting by Alexander Marrow Editing by Angus MacSwan, Mark Potter,\u2062 and Gareth Jones<\/p>\n<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-3\" style=\"min-width: 320px; min-height: 50px; text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-3'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>President Joe Biden to continue construction of Trump&#8217;s border wall<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>New song release: &#8220;Freedom&#8221; by \u2064Jimmy Levy<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>Georgia&#8217;s Prosecuting Attorneys Qualifications \u2063Commission could remove Fulton County District Attorney Fani Willis<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>September jobs report exceeds expectations with 336,000 jobs \u2063added<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>Pressure on\u2064 Biden&#8217;s administration to restrict\u200d American\u200c companies from working on freely available chip technology used in China<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>OpenAI explores creating its own AI chips and \u200bconsiders\u2062 potential acquisition<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>South Korea&#8217;s telecommunications regulator accuses Google and Apple of abusing their\u2062 app \u200dmarket\u200c dominance<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>Elon\u200d Musk under investigation by SEC for Twitter purchase<\/strong><\/p>\n<\/p><\/div>\n<p> rnrn  <\/p>\n<h2> How has\u2063 the fluctuation \u2063of the \u200brouble impacted the Russian \u2064economy?<\/h2>\n<p><span>  Eek.<\/p>\n<p><strong>The impact \u200bon the Russian economy<\/strong><\/p>\n<p>The fluctuation of the rouble against major currencies has significant implications for the Russian economy. The previous tumble of the \u2062rouble led to emergency rate hikes and discussions\u2062 of currency\u2062 controls,\u2062 indicating the severity of the situation. The persistent weakness of the\u200c rouble is seen as a limiting factor for Russia&#8217;s long-term growth \u200dprospects.<\/p>\n<p>The recent rebound of the rouble,\u2063 driven\u200d by\u200b higher oil prices, brings \u2064some relief to the Russian economy. Brent crude oil, a\u2062 key export for Russia, rose 3.9% due to the military conflict \u200din the\u2062 Middle East. This increase in oil prices is\u2062 expected to contribute to higher tax revenues from energy companies in October, providing some stability \u2064to the Russian budget.<\/p>\n<p>However, analysts remain cautious and \u2062anticipate further rate hikes \u200cin October. The \u2064vulnerability of the rouble and its sensitivity \u200dto\u200d external factors, such as geopolitical tensions,\u2063 highlight the need for continued monitoring and economic measures to ensure stability.<\/p>\n<p><strong>The geopolitical context<\/strong><\/p>\n<p>Events\u2062 in the Middle East, particularly the Israeli\u2064 military&#8217;s call for reservists\u200b and the raid by Hamas fighters, have had a significant impact on \u2063global risk \u200cappetite. The reputation of invincibility previously \u200bassociated with\u200c Israel has\u200c been shattered, \u200cleading to increased volatility in financial markets.<\/p>\n<p>These geopolitical tensions have further exacerbated \u200bthe vulnerability of the\u200b rouble.\u200c Reduced foreign currency\u2063 supply initially hampered its performance, but the rebound in oil prices \u2063has provided some respite. \u200bIt is crucial for Russia to carefully navigate \u200cthese complex geopolitical dynamics to ensure the stability of its \u200bcurrency and economy.<\/p>\n<p><strong>The \u2064role of the central bank and \u200dfuture\u200c prospects<\/strong><\/p>\n<p>The\u2064 Bank of Russia has played a crucial role\u2063 in managing the rouble&#8217;s volatility. Emergency rate\u2064 hikes and discussions of currency controls demonstrate\u200c the central bank&#8217;s commitment to stabilizing the currency and ensuring economic resilience.<\/p>\n<p>Analysts expect further rate hikes in October, indicating that challenges still\u200b lie ahead for the Russian economy. The central bank&#8217;s actions and policies will be instrumental in addressing these \u2062challenges and \u2062fostering long-term growth.<\/p>\n<p><strong>Conclusion<\/strong><\/p>\n<p>The recent rebound of\u2063 the rouble after hitting an 18-month low \u2063against the\u200d dollar demonstrates the importance of \u200dexternal factors, such as oil prices, and geopolitical tensions \u200cin shaping currency performance. While the increase in oil \u200cprices provides temporary relief, sustained efforts are needed \u2063to address the underlying vulnerabilities of the Russian economy.<\/p>\n<p>The\u2064 role of the central\u2063 bank \u2063and the implementation of \u200beconomic measures will \u2063be\u2062 crucial\u2064 in navigating these challenges\u200b and ensuring\u200c long-term stability \u2063and growth. As the \u2062situation evolves, \u200cit is essential to closely monitor the rouble&#8217;s performance and its implications for the Russian economy.<\/p>\n<p><strong>About the Author<\/strong><\/p>\n<p>Alexander Marrow is a financial journalist \u2063with Reuters, specializing in global \u200deconomic \u2063trends and\u200b market analysis. He has extensive experience reporting on\u2064 the\u200d volatility of currencies and\u200d its impact on different\u2064 economies. Alexander holds a degree in Economics from a prestigious university and\u200c has been covering financial markets for\u200c over a decade.<\/p>\n<\/p><\/div>\n<p><\/body><\/html><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The rouble recovered from an 18-month low against the dollar, boosted by higher oil prices. Despite limited foreign currency supply, it gained ground in a volatile session. Middle East events influenced its performance. (55 words)<\/p>\n","protected":false},"author":1911,"featured_media":2060438,"comment_status":"open","ping_status":"closed","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":[542],"tags":[],"class_list":["post-2060437","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"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\/2060437","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\/1911"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2060437"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2060437\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2060438"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2060437"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2060437"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2060437"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}