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Russian rouble sinks ahead of expected rate cut

Friday, July 22, 2022
Russian rouble sinks ahead of expected rate cut © Reuters. FILE PHOTO: Russian 1000-rouble banknotes, 50 and 10 kopeck coins are seen on a table at a private company's office in Krasnoyarsk, Siberia November 6, 2014. REUTERS/Ilya Naymushin/File Photo

(Reuters) - The Russian rouble fell sharply in volatile trading on Thursday, slipping below 58 against the U.S. dollar ahead of a central bank meeting on Friday, when it is expected to cut interest rates once more.

At 1010 GMT, the rouble had lost 5.5% against the U.S. dollar to trade at 58.05, and had shed 4.4% against the euro at 58.82.

Russia's central bank is set to meet on Friday, with analysts expecting a rate cut of 50 basis points to 9%.

Strict currency restrictions and falling imports have pushed the rouble to multi-year highs despite the West's imposition of sweeping sanctions against Moscow.

But the surging rouble has caused a bout of deflation in the Russian economy and worried policymakers, who have taken steps to weaken the currency by removing some controls and slashing rates. Weekly inflation statistics published Wednesday evening showed another period of falling prices, with annual inflation in the Russian economy now running at 15.4%.

That is far off the worst-case predictions that price rises could top 30% this year and has given the central bank cover to reverse its emergency hike to 20% in the days after Moscow sent tens of thousands of troops into Ukraine on Feb. 24.

Analysts also pointed to thin summer-time trading for the heightened volatility in Thursday's session.

Following the currency lower, Russia's stock markets also fell.

The dollar-denominated RTS index was down 6% at 1118 points. The rouble-based MOEX Russian index was 0.8%lower at 2057.8 points.

For Russian equities guide see

For Russian treasury bonds see

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19-08-2022 14:16:39 (UTC+7)

EUR/USD

1.0088

0.0000 (0.00%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

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Sell (0)

EUR/USD

1.0088

0.0000 (0.00%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

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GBP/USD

1.1918

-0.0012 (-0.10%)

Summary

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Moving Avg:

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USD/JPY

136.55

+0.68 (+0.50%)

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AUD/USD

0.6913

-0.0005 (-0.07%)

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USD/CAD

1.2969

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 EUR/USD1.0088↑ Buy
 GBP/USD1.1918Buy
 USD/JPY136.55↑ Buy
 AUD/USD0.6913↑ Sell
 USD/CAD1.2969↑ Buy
 EUR/JPY137.76↑ Buy
 EUR/CHF0.9663Sell
 Gold1,766.95↑ Sell
 Silver19.200↑ Sell
 Copper3.6220↑ Buy
 Crude Oil WTI89.52↑ Sell
 Brent Oil95.55↑ Sell
 Natural Gas9.065↑ Sell
 US Coffee C214.80↑ Sell
 Euro Stoxx 503,764.85↑ Sell
 S&P 5004,283.74Sell
 DAX13,646.61Neutral
 FTSE 1007,525.60Neutral
 Hang Seng19,744.00↑ Buy
 Small Cap 20002,000.73↑ Buy
 IBEX 358,393.50↑ Sell
 BASF43.212↑ Sell
 Bayer53.83Neutral
 Allianz177.07↑ Sell
 Adidas166.88Sell
 Lufthansa6.420↑ Sell
 Siemens AG109.99Neutral
 Deutsche Bank AG8.687↑ Sell
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