©Health & Fitness Journal. FILE PHOTO: Sheets of the redesigned Russian 100-ruble banknotes are seen at the Goznak Printing Plant in Moscow, Russia July 6, 2022. Moscow News Agency/Handout via REUTERS
By Alexander Mark
MOSCOW (Health & Fitness Journal) – The ruble fell around 3% against the dollar on Tuesday, failing to cement a rebound from last week’s slide as the market reconciled the prospect of lower export earnings amid restrictions on Russian oil .
The ruble lost about 8% against the dollar last week and is on course for a sharp monthly decline after an oil embargo and a price cap came into effect. The Treasury said the recent slump was related to the recovery in imports.
By 1519 GMT, the ruble was 3% weaker against the dollar at 71.36, moving back to the nearly 8-month low of 72.6325 hit last week.
“In late December, the ruble is expected to remain extremely volatile as the market struggles to rebalance amid altered trade flows and heightened sanctions pressure,” BCS World of Investments said in a statement.
“This week, the ruble is expected to fluctuate in the range of 68-71 (per dollar).”
Against the euro, the ruble lost 3.4% to 76.03. Against the yuan, it fell 3.3% to 10.09.
The ruble remains nearly the world’s most important currency against the dollar this year, helped by capital controls and reduced imports.
Now that exports and revenues are falling, a weaker ruble is more beneficial, First Deputy Prime Minister Andrei Belousov said on Tuesday.
“The strong ruble played its part,” said Belousov. “Under these conditions … it would be good to have a ruble rate of 70-80 per dollar.”
a global benchmark for Russia’s main export, rose 1% to $84.8 a barrel, while Russian equity indices were mixed.
The dollar-denominated RTS index fell 2.9% to 948.8 points. Russia’s ruble-based MOEX index rose 0.5% to 2,148.8 points after hitting its highest level in nearly two weeks.
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