MOSCOW: The Russian rouble briefly weakened to 100 against the dollar on Wednesday as Donald Trump claimed victory in the US presidential election, a result that could push the US currency higher.

Trump claimed victory in the 2024 presidential contest after Fox News projected that he had defeated Democrat Kamala Harris, which would cap a stunning political comeback four years after he left the White House.

By 0737 GMT, the rouble was 0.2% weaker against the dollar at 98.00, earlier touching 100.25, close to its weakest point in over a year.

The rouble was steady against the yuan at 13.73, according to LSEG data, and gained 1.2% to 105.6 against the euro.

Analysts generally assume Trump’s plans for restricted immigration, tax cuts and sweeping tariffs if enacted would put more upward pressure on inflation and bond yields, than Harris’ centre-left policies.

Trump’s proposals would also tend to push up the dollar and potentially limit how far US interest rates might ultimately be lowered.

Trump has also criticised the level of US military support for Ukraine and has pledged to end the conflict soon.

Russian rouble slides to near one-year low to China’s yuan

Western sanctions imposed on the Moscow Exchange (MOEX) and its clearing agent, the National Clearing Centre, on June 12 stopped all trade in dollars and euros at MOEX, making the yuan the most-traded foreign currency in Russia.

Trade in dollars and euros has shifted to the over-the-counter (OTC) market, obscuring price data. One-day rouble-dollar futures, which trade on the Moscow exchange are a guide for OTC market rates.

The central bank’s official exchange rate, which it calculates using OTC data, was last set at 98.06 to the dollar. Russia’s rouble-denominated MOEX Russian stock index was 2.3% higher at 2,677.9 points.