MOSCOW – The Russian rouble surged to its highest level in over two weeks against the U.S. dollar on Wednesday, signaling a bullish trend for the currency.
As of 0733 GMT, the rouble boasted a 0.7% increase, trading at 92.49 against the dollar, marking its strongest performance since April 8.
In tandem with its gains against the dollar, the rouble also made significant strides against the euro, climbing 0.7% to 98.90, achieving a six-week peak. Moreover, it saw a 0.6% rise against the yuan, reaching a rate of 12.73.
Despite minor fluctuations, the Russian rouble maintained relative stability against the dollar throughout the trading session.
The upward trajectory of the rouble coincided with a modest uptick in Brent crude oil prices, a key export commodity for Russia. Brent crude rose 0.2% to $88.59 per barrel, further bolstering investor confidence.
However, the performance of Russian stock indexes diverged. The dollar-denominated RTS index experienced a 0.4% increase, reaching 1,168.4 points. Conversely, the rouble-based MOEX Russian index recorded a slight decline of 0.2%, settling at 3,431.4 points.
Overall, the strengthening of the Russian rouble against major currencies, coupled with fluctuations in oil prices and mixed movements in stock indexes, painted a complex picture of the market dynamics on Wednesday.
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