Russian Ruble Soars as Officials Discuss Moves to Boost Currency
The Russian ruble surged as traders anticipated further action by policymakers to lift the beleaguered currency’s value.
The ruble rose roughly 5% against the dollar and the Chinese yuan.
Tweet on rouble swings in the market
Russian Ruble Soars as Officials Discuss Moves to Boost Currency!!
The ruble rose roughly 5% against the dollar and the Chinese yuan.#Currency #market pic.twitter.com/GsBkzCtHUM— The_Journalbiz (@the_journalbiz) August 16, 2023
Chart on Roubla market
A U.S. dollar bought around 94 rubles, compared with as much as 102 rubles on Monday.
Russian President Vladimir Putin was set to discuss potential capital controls with policymakers on Wednesday, according to media reports.
That could include the reintroduction of a rule requiring exporters to convert foreign currency earnings back into rubles, according to the Financial Times.
That was one of the policies Russia introduced last year to help reverse a plunge in the ruble’s value after its invasion of Ukraine.
The ruble resumed its slide this year and weakness accelerated in recent weeks, prompting the central bank to impose an emergency interest rate increase on Tuesday.
Despite the ruble’s recovery in recent days, it remains down 20% against the dollar this year
