The Trading Value Of The Russian Rouble Has Edged Higher Versus The Dollar

On Friday, a slight surge was recorded in the trading price of the Russian rouble versus the dollar. The data shows that the value of the rouble fluctuated in a narrow range that was between 60 and 61.

Despite oscillating in a narrow range, the value of the rouble had increased versus the dollar. For the majority of the trading sessions in the running week, the rouble has continued performing the same.

However, its value has remained strong against the dollar throughout the week in general. This is because the exporters from Russia have been taking a lot of interest in the Russian rouble.

Russian Exporters are buying the Rouble

It is a common event that tends to help the Russian rouble on an annual basis. Throughout the year, the exporters continue with their export activities bringing in dollars.

However, as the year-end tax payments come close, the exporters have to submit them in Russian roubles. This is when they start throwing the dollar into the market and locking as many roubles as possible.

As the demand for the Russian rouble rises, the trading price of the Russian local currency rises. On the contrary, as the supply of the dollar increases in the forex market, the value of the greenback dips.

Although the same activity takes place by the end of every month from the exporter’s end it does not hold much significance. This is because the impact of such activities is too low and of no benefit to the rouble.

The Russian Rouble Rose by 0.3%

The latest forex market data shows that the value of the Russian rouble has surged 0.3% versus the dollar. For as long as the tax payments period continues in Russia, the value of the rouble may continue surging.

At the time of writing, the value of the Russian rouble versus the dollar is 60.50. The Russian fiat has also reacted strongly against the euro. The value of the rouble has surged 0.5% against the euro.

The rouble has extended its surge across the board as it has grown stronger against the Japanese yen as well. Against the Japanese currency, the rouble has surged by 0.3% and it currently trades at 8.43.

Value of the Russian Fuel

The value of Brent Crude Oil has also recorded a surge in the latest trading session. It is the global benchmark for the main export of Russia.

The report shows that it has also surged 0.3% in the latest session. At the time of writing, the price of each Brent Crude Oil barrel is worth $85.6.

The stock market situation for Russia has not demonstrated a strong or a weak performance and has mainly remained flat.