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Russian rouble soars to over 2-week high after central bank cuts rates

Saturday, June 11, 2022
Russian rouble soars to over 2-week high after central bank cuts rates © Reuters. Woman holds Russian Roubles in front of U.S. Dollar banknotes in this illustration taken May 30, 2022. REUTERS/Dado Ruvic/Illustration

(Reuters) -The Russian rouble firmed on Friday to a more than two-week high against the dollar after the central bank cut its key interest rate by 150 basis points to its pre-crisis level of 9.5% and Russia eased some capital controls.

The central bank said it would consider the need for more cuts later this year, as inflation slows from near 20-year highs and economic contraction looms.

By 1050 GMT, the rouble was 3.5% stronger against the dollar at 57.27, its strongest since May 25.

It had gained 4.7% to trade at 60.31 versus the euro, also a more than two-week high.

Lower rates should put some downside pressure on the rouble and support prices of OFZ treasury bonds, but the currency is still buoyed by capital controls that have been steering the currency since Moscow sent tens of thousands of troops into Ukraine on Feb. 24.

A majority of analysts polled by Reuters expected a 100-basis-point rate cut to 10%, with the bank trying to make lending more affordable amid sluggish consumer demand and a pause in inflation, although some had predicted a sharper cut.

Central Bank Governor Elvira Nabiullina is scheduled to speak at 1200 GMT.

The central bank's decision is unlikely to affect the rouble rate, in view of existing curbs on capital flows, said Alfa Capital analyst Alexander Dzhioev.

"Nevertheless, it is worth noting that in combination with other factors, for example, abolishing mandatory foreign currency earnings sales by exporting companies, the currency could stop strengthening," he said.

EASING CAPITAL CONTROLS

The finance ministry said export-focused companies no longer had to convert their forex earnings from Friday, an easing in a capital control measure that analysts credit with helping to stop a dramatic slide in the value of the rouble after Western governments froze around $300 billion of the central bank's currency reserves.

Until May, Russian companies had been required to sell 80% of their hard currency earnings, a requirement that was then relaxed to 50%.

On stock markets, the dollar-denominated RTS index was up 4% at 1,261.2 points. The rouble-based MOEX Russian index was steady at 2,293.6 points.

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30-06-2022 04:34:24 (UTC+7)

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EUR/USD

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 EUR/USD1.0442↑ Sell
 GBP/USD1.2122Neutral
 USD/JPY136.57Buy
 AUD/USD0.6880Neutral
 USD/CAD1.2895↑ Buy
 EUR/JPY142.60Sell
 EUR/CHF0.9970↑ Buy
 Gold1,819.20↑ Sell
 Silver20.733↑ Sell
 Copper3.7717↑ Buy
 Crude Oil WTI109.63↑ Buy
 Brent Oil112.30↑ Buy
 Natural Gas6.416Neutral
 US Coffee C228.05↑ Sell
 Euro Stoxx 503,514.32Neutral
 S&P 5003,818.83↑ Buy
 DAX13,003.35↑ Sell
 FTSE 1007,312.32Sell
 Hang Seng21,996.89Neutral
 Small Cap 20001,713.32Neutral
 IBEX 358,188.00↑ Buy
 BASF41.580↑ Sell
 Bayer57.62Neutral
 Allianz183.72Buy
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 Lufthansa5.813↑ Buy
 Siemens AG101.40↑ Sell
 Deutsche Bank AG8.571Neutral
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