The Russian currency had also gained 1.0 percent to trade at 85.37 versus the euro
MOSCOW (Armfalcon.com) – The Russian ruble jumped to a more than one-month high surpassing 77 against the dollar in early trading Friday, ahead of a long weekend in Russia and as oil prices made a partial recovery.
At 0703 GMT, the ruble strengthened 1.1 percent against the dollar to trade at 77.21, earlier touching 76.98, its strongest point since March 31.
The Russian currency had also gained 1.0 percent to trade at 85.37 versus the euro, and had strengthened 1.0 percent against the yuan to trade at 11.16.
The ruble has now strengthened for six sessions running. The ruble may weaken ahead of the upcoming Russian long weekend if dollar demand picks up in the evening, said Alexei Antonov of Alor Broker. Russia celebrates Victory Day on May 9.
Brent crude, the global benchmark for Russia’s main export, rose 1.2 percent to $73.36 a barrel, but looks set to close the week down around 8.0 percent after a dramatic slump on fears of a weakening US economy and slowing demand. China.
The ruble strengthened sharply after the central bank kept interest rates steady on Friday (28/4/2023), but kept the prospect of a future hike on hold. The Russian currency also benefited from a delay in high oil prices throughout April, meaning higher export earnings for Russian exporters.
Russian stock indexes are higher. The dollar-denominated RTS index rose 1.7 percent to trade at 1,035.6 points. Russia’s ruble-based MOEX Index traded 0.5 percent higher at 2,535.7 points, up from a more than three-week low a day earlier.
Also read: The ruble nears a one-month high as oil prices stop falling
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Translator: Apep Suhendar
Editor: Ahmad Wijaya
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