The Ministry of Finance of Russia today announced it will sell foreign currency to halt the fall in the price of the ruble, which is devaluing two consecutive days.
“The Ministry of Finance considers that the ruble [Russian currency] is extremely undervalued, so it is starting to sell foreign currency in the market, “said the spokesman of the ministry Svetlana Nikitina.
The ruble came back today to lose ground against the US dollar US and the euro just before the opening of the Moscow exchange market after the “Black Tuesday” in which he lost 20%.
A few minutes after 10:00 (07:00 in Lisbon ), the US currency grew 4.2 rubles, up to 71.92 rubles per dollar, while the euro rose 5.85 rubles, with the European currency to be worth 91 rubles.
However, little later, the Russian currency began appreciating and thus the dollar had dropped to 67.5 rubles, and the euro to 85.
The Moscow stock market opened, in turn, without changes in its benchmark, the RTS, which remained at 629.15 points, after, on Tuesday, having fallen 12.41%, dragged by the ‘fall’ of the ruble. Nonetheless, minutes after starting the transactions, the RTS rose 4.5%.
Since the beginning of the month, the RTS index, whose shares are valued in dollars, lost 34.35%, adding up to a declined by 55% since the start of the year.
However, today it was learned that the Central Bank of Russia spent close to 2,000 million dollars in last Monday to stabilize the national currency, as shown by Data released by the regulator on its website.
On Tuesday, the Russian central bank, which increased its policy rate from 10.5% to 17%, considered “critical” situation in foreign exchange market, where the ruble suffered a sharp devaluation.
Lusa / SOL
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