AGL 40.00 Decreased By ▼ -0.01 (-0.02%)
AIRLINK 127.20 Decreased By ▼ -0.79 (-0.62%)
BOP 6.67 Increased By ▲ 0.07 (1.06%)
CNERGY 4.51 Decreased By ▼ -0.09 (-1.96%)
DCL 8.52 Increased By ▲ 0.04 (0.47%)
DFML 41.46 Decreased By ▼ -0.02 (-0.05%)
DGKC 86.70 Increased By ▲ 0.12 (0.14%)
FCCL 32.25 Increased By ▲ 0.11 (0.34%)
FFBL 64.85 Decreased By ▼ -0.57 (-0.87%)
FFL 10.29 Increased By ▲ 0.04 (0.39%)
HUBC 109.75 Decreased By ▼ -0.74 (-0.67%)
HUMNL 14.85 Increased By ▲ 0.10 (0.68%)
KEL 5.05 Decreased By ▼ -0.08 (-1.56%)
KOSM 7.44 Increased By ▲ 0.32 (4.49%)
MLCF 41.29 Decreased By ▼ -0.36 (-0.86%)
NBP 60.49 Increased By ▲ 0.40 (0.67%)
OGDC 189.90 Decreased By ▼ -4.79 (-2.46%)
PAEL 27.79 Decreased By ▼ -0.16 (-0.57%)
PIBTL 7.76 Decreased By ▼ -0.24 (-3%)
PPL 149.74 Decreased By ▼ -1.43 (-0.95%)
PRL 26.80 Decreased By ▼ -0.08 (-0.3%)
PTC 16.15 Increased By ▲ 0.15 (0.94%)
SEARL 86.02 Increased By ▲ 7.82 (10%)
TELE 7.71 Increased By ▲ 0.32 (4.33%)
TOMCL 35.50 Decreased By ▼ -0.17 (-0.48%)
TPLP 8.08 Increased By ▲ 0.17 (2.15%)
TREET 16.48 Increased By ▲ 0.59 (3.71%)
TRG 53.35 Increased By ▲ 0.59 (1.12%)
UNITY 26.10 Decreased By ▼ -0.45 (-1.69%)
WTL 1.26 Decreased By ▼ -0.01 (-0.79%)
BR100 9,878 Decreased By -41.8 (-0.42%)
BR30 30,578 Decreased By -173.3 (-0.56%)
KSE100 93,456 Increased By 231.6 (0.25%)
KSE30 28,951 Increased By 66.5 (0.23%)

The Russian rouble weakened past the symbolic threshold of 100 to the dollar before recovering slightly in early trade on Tuesday, weighed down by foreign currency outflows and the country’s shrinking current account surplus.

The rouble’s last tumble into triple digits in August led the Bank of Russia to make an emergency 350-basis-point rate hike to 12% and authorities discussed reintroducing controls to buttress the currency.

At 0415 GMT, the rouble was 0.21% weaker against the dollar at 99.97 after falling to as low as 100.26 soon after opening at 0400 GMT.

It had gained 0.33% to trade at 104.61 versus the euro. It had shed 0.28% against the yuan to 13.65.

The Russian currency tends to come under pressure at the start of each month, after losing the support of a favourable month-end tax period that usually sees exporters convert FX revenues to meet local liabilities.

President Vladimir Putin’s economic adviser rebuked the central bank as the rouble slid to 101.75 per dollar in August, blaming its loose policy in a sign of growing internal discord.

Following the August emergency hike, the central bank raised rates again in September to 13%. Analysts polled by Reuters expect the central bank, also grappling with stubborn inflationary pressure, to tighten monetary policy again at its next scheduled meeting on Oct. 27.

The rouble has charted a turbulent course since Russia invaded Ukraine in February 2022, slumping to a record low of 120 against the dollar in March last year before recovering to a more than seven-year high a few months later, supported by capital controls and surging export revenue.

Falling exports, hit by Western sanctions and shifting trade flows, combined with a recovery in imports this year has caused the rouble to weaken. Russia’s current account surplus shrank 86% year-on-year to $25.6 billion in January-August.

Comments

Comments are closed.