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Updated December 28th, 2023 at 14:30 IST
Russian Rouble | Image:Unsplash
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The Russian rouble strengthened against both the US dollar and the euro on Thursday, bolstered by corporate tax payments at the end of the month.
The rouble showed a 0.9 per cent increase against the dollar to 90.46, as of 07:43 GMT.
Additionally, it gained 0.5 per cent against the euro, trading at 100.70, and experienced a 0.5 per cent improvement against the yuan, reaching 12.67.
The ongoing strengthening trend, now in its fourth consecutive day, is attributed to measures implemented by authorities to counteract the rouble’s previous decline.
Notably, a presidential decree mandating exporters to convert a portion of their foreign currency earnings has contributed to this support, along with heightened interest rates implemented since October when the rouble slid to 100 against the dollar.
Brent crude oil, a key export for Russia, saw a marginal increase of 0.05 per cent to $79.69 per barrel.
Meanwhile, Russian stock indexes exhibited mixed performances, with the dollar-denominated RTS index rising by 0.59 per cent to 1,075.02 and the rouble-based MOEX Russian index registering a 0.34 per cent decrease to 3,086.94.
(With Reuters Inputs)
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