AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 132.66 Increased By ▲ 3.13 (2.42%)
BOP 6.89 Increased By ▲ 0.21 (3.14%)
CNERGY 4.57 Decreased By ▼ -0.06 (-1.3%)
DCL 8.92 Decreased By ▼ -0.02 (-0.22%)
DFML 42.75 Increased By ▲ 1.06 (2.54%)
DGKC 84.00 Increased By ▲ 0.23 (0.27%)
FCCL 32.90 Increased By ▲ 0.13 (0.4%)
FFBL 77.06 Increased By ▲ 1.59 (2.11%)
FFL 12.20 Increased By ▲ 0.73 (6.36%)
HUBC 110.01 Decreased By ▼ -0.54 (-0.49%)
HUMNL 14.40 Decreased By ▼ -0.16 (-1.1%)
KEL 5.53 Increased By ▲ 0.14 (2.6%)
KOSM 8.32 Decreased By ▼ -0.08 (-0.95%)
MLCF 39.67 Decreased By ▼ -0.12 (-0.3%)
NBP 65.50 Increased By ▲ 5.21 (8.64%)
OGDC 198.74 Decreased By ▼ -0.92 (-0.46%)
PAEL 26.00 Decreased By ▼ -0.65 (-2.44%)
PIBTL 7.62 Decreased By ▼ -0.04 (-0.52%)
PPL 159.00 Increased By ▲ 1.08 (0.68%)
PRL 26.24 Decreased By ▼ -0.49 (-1.83%)
PTC 18.35 Decreased By ▼ -0.11 (-0.6%)
SEARL 82.24 Decreased By ▼ -0.20 (-0.24%)
TELE 8.12 Decreased By ▼ -0.19 (-2.29%)
TOMCL 34.40 Decreased By ▼ -0.11 (-0.32%)
TPLP 8.98 Decreased By ▼ -0.08 (-0.88%)
TREET 16.88 Decreased By ▼ -0.59 (-3.38%)
TRG 59.49 Decreased By ▼ -1.83 (-2.98%)
UNITY 27.52 Increased By ▲ 0.09 (0.33%)
WTL 1.40 Increased By ▲ 0.02 (1.45%)
BR100 10,614 Increased By 206.9 (1.99%)
BR30 31,874 Increased By 160.5 (0.51%)
KSE100 98,972 Increased By 1644 (1.69%)
KSE30 30,784 Increased By 591.7 (1.96%)

MOSCOW: The Russian rouble steadied on Monday near multi-year peaks, supported by capital controls, and may continue firming later this month due to month-end tax payments.

At 0758 GMT, the rouble eased 0.2% to 56.52 against the dollar and shed 0.5% to 59.18 against the euro, still hovering near its strongest level in nearly five years of 57.10 it hit in May.

The rouble, which became the world’s best-performing currency this year, is steered by Russia’s high proceeds from commodity exports and a sharp drop in imports along with a ban on households withdrawing their foreign currency savings.

Russian rouble, stocks steady

Top policymakers used Russia’s annual economic forum in St. Petersburg last week to highlight the rouble’s recent strength.

There are concerns this could weigh on the economy as it tips into recession amid harsh sanctions over what Moscow calls a “special military operation” in Ukraine.

First Deputy Prime Minister Andrei Belousov said the rouble was overvalued and industry would be more comfortable if it fell to between 70 to 80 against the US dollar.

Still, this week the rouble could extend gains as companies will need to pay taxes, for which export-focused firms usually convert their dollar and euro revenues.

The dollar will consolidate within a range of 55.5-57.5 to the rouble during the day, Promsvyazbank analysts said in a note.

Russian stock indexes were mixed, lacking momentum.

The dollar-denominated RTS index slid 0.2% to 1,312.9 points.

The rouble-based MOEX Russian index was 0.2% higher at 2,358.8 points.

Comments

Comments are closed.