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Russia’s ruble weakens to 63 against US dollar | Free Malaysia Today – Free Malaysia Today

MOSCOW: The Russian ruble weakened on Monday, sliding to 63 against the dollar, as global inflation pressure and recession concerns limited appetite for risk, with investors looking ahead to the Bank of Russia’s rate-setting meeting on Friday.
Markets also are awaiting a flurry of other interest rate decisions this week, including from the US Federal Reserve and European Central Bank.
By 12.46pm, the ruble was 0.9% weaker against the dollar at 62.99, earlier crossing the 63 threshold, and had lost 1.7% to trade at 66.65 versus the euro, clipping its weakest point since late May.
It had lost 0.4% against the yuan to 9.01.
“In the coming days, the ruble will start to receive support from the tax period, but towards the end of the year, demand for FX could grow as a result of investors hedging their ruble positions and building up FX reserves,” Alor Broker said in a note.
Sber CIB Investment Research said it expected exporters to provide support later in the session, allowing the ruble to gain a foothold near 62.2 to the greenback.
The ruble has showed a largely muted reaction to oil price swings in the last week. Volatility has been high as a price cap on Russian oil kicked in.
Brent crude oil, a global benchmark for Russia’s main export, was down 0.7% at US$75.6 a barrel, pushing Russian stock indexes lower.
“Even the new round of sanctions against Russia, which may be adopted today at the EU Council meeting, most likely will not disturb the stability of the Russian market in general, though there could be some reaction in selected stocks,” said BCS World of Investments.
The dollar-denominated RTS index was down 1.3% to 1,084.5 points.
The ruble-based MoEx Russian index was 0.4% lower at 2,168.7 points.
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