The Russian currency market has fallen again after almost a month of calm, writes The Moscow Times.
On Thursday, the dollar/ruble exchange rate in Forex crossed the 100-ruble mark for the first time since October last year, and the yuan exchange rate on the Moscow Stock Exchange came close to a yearly record. According to LSEG, the dollar jumped to 100.72 rubles on Forex, the euro rose to 105.63 rubles.
In the Russian interbank market, where world currencies are traded after the Moscow Stock Exchange came under sanctions, the 100 ruble mark for the dollar remained unchanged. There were no deals at this quote or higher, although banks could easily deal with clients at rates above 100, traders told Reuters. The yuan exchange rate reached 13.72 rubles, 8 kopecks less than the new record since October 2023.
The next wave of weakening of the ruble is connected with "negative factors of foreign trade", says analyst Dmitry Babin. According to the data of the Central Bank, in October the export earnings of the economy decreased by almost 10% compared to September, reaching 36 billion dollars, and the surplus of the trade balance decreased from 12.6 billion dollars to 11.8 billion dollars.
