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Nairaland Forum / Nairaland / General / Politics / Foreign Affairs / Again, Russian Rubble Strengthens Against Euro And US Dollar (1503 Views)
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Again, Russian Rubble Strengthens Against Euro And US Dollar by Osariemen12: 2:36pm On Apr 22, 2022 |
Ruble rallies amid easing of capital controls. The Russian ruble has strengthened against the euro and US dollar on Friday, trading data from the Moscow Exchange shows. The rally comes despite the easing of capital controls this week, after the central bank allowed purchases of foreign currencies in the country. As of 10:07 GMT the Russian currency had jumped roughly 2.7% compared to the end of the previous day’s trading to 78 rubles against the euro, and gained around 2.3% against the greenback to trade at 72.8 to the dollar. Since Monday, the Russian currency gained 5% against the euro and 8% against the dollar. On Thursday, the central bank announced that all exporters will now have 60 business days instead of three to carry out the obligatory sale of foreign currency, credited to their accounts in authorized banks. Earlier the bank increased the period from three to 60 business days for non-resource, non-energy exports. The ruble is also helped by companies preparing to pay a record three trillion rubles (roughly $39 billion) in taxes this month, Reuters says. Also on Thursday, the governor of the country’s central bank, Elvira Nabiullina, was approved for another five-year term by the lower house of the Federal Assembly, after President Putin had expressed confidence in her work. The ruble has been strengthening against major currencies since early April, after Russia announced a new gas-for-rubles payment scheme. One month before that the ruble plunged to historic lows amid Western sanctions over the conflict in Ukraine, dropping to as low as 150 to the dollar, but it has since fully recouped its losses. Source: https://www.rt.com/business/554324-ruble-rallies-easing-capital-controls/ 2 Likes
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Re: Again, Russian Rubble Strengthens Against Euro And US Dollar by Rastaramsey(m): 2:37pm On Apr 22, 2022 |
If I say I understand this war, I de Cap ![]() 2 Likes 1 Share |
Re: Again, Russian Rubble Strengthens Against Euro And US Dollar by helinues: 2:37pm On Apr 22, 2022 |
False hope for the Russians. Who have they been trading it with even with the sanctions 1 Like 1 Share |
Re: Again, Russian Rubble Strengthens Against Euro And US Dollar by Parachoko: 2:41pm On Apr 22, 2022 |
Very soon, the sanctions will start biting the Russians hard. 1 Like 1 Share |
Re: Again, Russian Rubble Strengthens Against Euro And US Dollar by Zooposki(f): 2:42pm On Apr 22, 2022 |
helinues: Bring evidence it’s false hope. 10 Likes |
Re: Again, Russian Rubble Strengthens Against Euro And US Dollar by Zooposki(f): 2:42pm On Apr 22, 2022 |
Parachoko: When is very soon? 4 Likes |
Re: Again, Russian Rubble Strengthens Against Euro And US Dollar by helinues: 2:43pm On Apr 22, 2022 |
Zooposki: Who have they traded the Rubble with? Who demanded for it? This is logical bro |
Re: Again, Russian Rubble Strengthens Against Euro And US Dollar by Parachoko: 2:44pm On Apr 22, 2022 |
Zooposki:June/July. |
Re: Again, Russian Rubble Strengthens Against Euro And US Dollar by WATCHOVER(m): 2:48pm On Apr 22, 2022 |
helinues:Cry cry, when I told you about this event happening you were arguing, you don't have foresight. Let me shock you again United States under Joe Biden will run into recession if they don't adjust their style 8 Likes 1 Share |
Re: Again, Russian Rubble Strengthens Against Euro And US Dollar by helinues: 2:50pm On Apr 22, 2022 |
WATCHOVER: Pardon! You are probably mistaken me for someone else.. When did you tell me? 1 Like |
Re: Again, Russian Rubble Strengthens Against Euro And US Dollar by Sirlancelort(m): 2:58pm On Apr 22, 2022 |
Parachoko: From 2 weeks to very soon |
Re: Again, Russian Rubble Strengthens Against Euro And US Dollar by Sirlancelort(m): 2:59pm On Apr 22, 2022 |
helinues: Lol |
Re: Again, Russian Rubble Strengthens Against Euro And US Dollar by Proudlyomonna: 3:01pm On Apr 22, 2022 |
Sirlancelort: The effects of sanctions are not something that manifest in a blink of an eye you know ![]() |
Re: Again, Russian Rubble Strengthens Against Euro And US Dollar by Sirlancelort(m): 3:06pm On Apr 22, 2022 |
It's now worth more than what it was before the special military operation, as at xterday it was 79 ruble to a dollar, now it's 77 ruble to a dollar. Sanctions only works in Africa because we are clueless. 6 Likes |
Re: Again, Russian Rubble Strengthens Against Euro And US Dollar by Opolopoopolonio: 3:07pm On Apr 22, 2022 |
Fake! Time will tell. |
Re: Again, Russian Rubble Strengthens Against Euro And US Dollar by sapientia(m): 3:12pm On Apr 22, 2022 |
Fixed Exchange rate by their CBN Same thing Emefiele does |
Re: Again, Russian Rubble Strengthens Against Euro And US Dollar by mach7(m): 3:27pm On Apr 22, 2022 |
Good. However, from open sources there are two major reasons for this: 1. Reduced demand for USD within Russia 2. Increased demand for Roubles outside Russia Due to sanctions, and counter sanctions by Russia, there is a reduced demand for USD which will otherwise have been used to pay for imports. Secondly, due to Russia's decision to sell gas to "unfriendly countries" in Roubles, there has been a demand for Roubles by customers purchasing Russian gas so that they can pay for it. Note that Rouble was trading at 85 to the Dollar as at April 1st when the decree came into effect. For the Rouble to keep rising (currently fluctuating between 74-76 to the Dollar), it will mean that despite the public statements by the EU, they have started paying for their gas in Roubles. Note that daily updates on Rouble trading is available on the Moscow Exchange. https://www.moex.com/en/ 2 Likes
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Re: Again, Russian Rubble Strengthens Against Euro And US Dollar by a4cube: 3:31pm On Apr 22, 2022 |
Proudlyomonna:But sleepy Joe said one month when he mocked roubles to be half a cent. |
Re: Again, Russian Rubble Strengthens Against Euro And US Dollar by t6(m): 3:40pm On Apr 22, 2022 |
You are on point great analyst mach7: 1 Like |
Re: Again, Russian Rubble Strengthens Against Euro And US Dollar by fineboynl(m): 3:41pm On Apr 22, 2022 |
Russia keep fixing the currency and prevent people from buying dollars. Thougher policy and blackage from people accessing foreign currency. The same thing Nigeria is doing. |
Re: Again, Russian Rubble Strengthens Against Euro And US Dollar by iykofias(m): 3:47pm On Apr 22, 2022 |
Ukraine is still winning regardless- CNN ![]() 1 Like |
Re: Again, Russian Rubble Strengthens Against Euro And US Dollar by mach7(m): 3:51pm On Apr 22, 2022 |
fineboynl:Russia didn't really prevent people from buying Dollars per se, it was the US that imposed Sanctions preventing Russia from trading externally with Dollars in the first place. The Russians simply decided to go further by deciding to take out Dollars from internal trade within their borders. Whoever advised the US government on their Sanctions policy really made a big mistake. Yes, Russia will be hurt. But they also have strong tools to hurt the Sanctioning countries in return. They are a Natural resources, Commodities and Food Superpower. 4 Likes |
Re: Again, Russian Rubble Strengthens Against Euro And US Dollar by godofuck231: 4:14pm On Apr 22, 2022 |
Rastaramsey:ok see it this way biden shot himself in the foot and pelosi has her foot in her mouth , they pushed trump out and couldn't function now , the economy is ruined and the west has turned to Africa to revive itself and sabotage Russia, but Russia is also blessed with minerals rare and common |
Re: Again, Russian Rubble Strengthens Against Euro And US Dollar by Nobody: 4:41pm On Apr 22, 2022 |
helinues:Irrespective of what sides you are on, let’s try to be objective and truthful. You have a phone, try and verify. Check the date and time.
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Re: Again, Russian Rubble Strengthens Against Euro And US Dollar by helinues: 4:43pm On Apr 22, 2022 |
skoskosko: The good part is I don't even support any of the side for this madness. Just curious if Russia have not been trading or exchanging their products with others due to sanctions, how did Rubble gain that strength? |
Re: Again, Russian Rubble Strengthens Against Euro And US Dollar by DerrickzB: 4:50pm On Apr 22, 2022 |
[s] helinues:[/s] Ask the European nations that has increased their Russian oil purchase since the war started!!! Y’all talk anyhow tho!! 1 Like |
Re: Again, Russian Rubble Strengthens Against Euro And US Dollar by techWriter3: 5:13pm On Apr 22, 2022 |
come proof it’s false chance |
Re: Again, Russian Rubble Strengthens Against Euro And US Dollar by DerrickzB: 5:16pm On Apr 22, 2022 |
Parachoko: Your EU has eaten their vomit!! Lmaoooo 1 Like
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Re: Again, Russian Rubble Strengthens Against Euro And US Dollar by Parachoko: 5:22pm On Apr 22, 2022 |
DerrickzB:I'm on nobody side. |
Re: Again, Russian Rubble Strengthens Against Euro And US Dollar by Nobody: 5:28pm On Apr 22, 2022 |
helinues:That was what western media projected. The sanctions have been highly ineffective and self destruct in nature. Pre sanctions, they were selling 1.3mbpd of oil, today it 1.6mbpd. Europe is still buying Russian gas and oil, most payments for energy has been switched to rubble and inter border currencies with the trade countries. They are still the go to nation for agricultural products like wheat, fertilizer etc. Mind you these are everyday consumables. Lastly, the US, EU, Canada and Australia does not make up the entire world. Just 5 nations (BRICS) accounts for nearly 40% of world population. We still have South America, Eurasia, Asia and the Middle East. If you take all these into considerations, you will realize that the gloom picture that western media paints are nothing but lies. 1 Like
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Re: Again, Russian Rubble Strengthens Against Euro And US Dollar by Jonasbadoo(m): 5:54pm On Apr 22, 2022 |
skoskosko:you too much ![]() Teach them 1 Like |
Re: Again, Russian Rubble Strengthens Against Euro And US Dollar by DerrickzB: 6:19pm On Apr 22, 2022 |
Parachoko: Hehehehe.. Una go begin deny now!! Na wa ooo.. Na so una ginger Ukraine finish now una don leave them… 1 Like |
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