©Reuters. 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
LONDON (Reuters) – The Russian ruble traded slightly lower on Wednesday, holding near 61 against the US dollar after briefly hitting a one-month high during yesterday’s session.
By 0703 GMT, the ruble was 0.1% weaker against the dollar at 61.03 and had lost 0.4% to trade at 61.22 against the euro. Against the Russian currency, it fell 0.1% to 8.382.
The Russian ruble has been the world’s best-performing currency this year as tight capital controls have pushed it higher even as Moscow has been hit with unprecedented Western sanctions over its invasion of Ukraine.
Central bank governor Elvira Nabiullina said on Tuesday there was no immediate need to further relax capital controls, forcing exporters to convert their hard currency earnings into rubles and cap cash withdrawals in foreign exchange.
a global benchmark for Russia’s main export, was unchanged at $95.35 a barrel after trading above $97 earlier in the week.
Banki.ru chief analyst Bogdan Zvarich said the ruble could fade in the coming sessions.
“The currency could come under pressure after yesterday’s oil price correction, which could see the ruble trying to return to the 61.5-62 range against the US dollar,” he said in a research note.
Russian stock indices opened lower on Wednesday, also falling from their highs for the month. The dollar-denominated RTS index fell 0.5% to 1137.1 points. Russia’s ruble-based MOEX index was down 0.2% at 2,203.1.
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For Russian government bonds, see