# Rouble steadies near 60 vs dollar; TCS, M.Video shares down after results
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-08-25
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Russian rouble stabilises near 60 as TCS, M.Video-Eldorado
Meta Description: Stay updated on the latest forex news in Russia with insights on rouble performance against major currencies and market trends.
URL: https://financedigest.com/rouble-steadies-near-60-vs-dollar-tcs-m-video-shares-down-after-resultshtml

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MOSCOW (Reuters) – The Russian rouble stabilised near 60 against the dollar on Thursday, lacking new momentum, while shares in TCS, owner of Russia’s Tinkoff Bank, and retailer M.Video-Eldorado fell after earnings reports.

At 0718 GMT, the rouble was little changed on the day at 59.86 against the dollar and eased 0.4% to trade at 59.77 against the euro on Moscow Exchange.

Rouble volatility has subsided after wild swings that saw it [hit a record low of 121.53 to the dollar](https://www.financedigest.com/pound-hits-10-month-peak-euro-up-as-dollar-under-pressure.html "Pound hits 10-month peak, euro up as dollar under pressure") in Moscow trade in March, soon after Russia sent tens of thousands of troops into Ukraine. It then [rallied to a seven-year peak](https://www.financedigest.com/world-stocks-rally-nikkei-closes-at-33-year-peak.html "World stocks rally, Nikkei closes at 33-year peak") of 50.01 in June.

Year-to-date, the rouble has become the world’s best-performing currency as a [result of capital controls and strong prices](https://www.financedigest.com/immediate-lift-of-oxford-property-prices-to-result-from-new-direct-high-speed-rail-connection-with-london.html "“Immediate lift” of Oxford property prices to result from new direct high speed rail connection with London") for Russia’s exports, such as oil and natural gas.

High energy [prices have also helped Russia’s](https://www.financedigest.com/oil-prices-steady-as-news-of-saudi-russia-meeting-calms-investors.html "Oil prices steady as news of Saudi, Russia meeting calms investors") economy avoid the meltdown that many experts predicted but hardships are still emerging for some Russians.

High inflation [dents](https://www.financedigest.com/inflation-boosts-jeronimo-martins-q4-profit-but-dents-margins.html "Inflation boosts Jeronimo Martins’ Q4 profit but dents margins") living standards of Russian households whose inflation expectations have increased despite a weekly decline in the consumer price index in the past seven weeks.

On the [stock market](https://www.financedigest.com/online-trading-and-stock-markets.html "Online Trading and Stock Markets"), the dollar-denominated RTS index rose 0.6% to 1,189.2 points and the rouble-based MOEX Russian index was 0.3% higher at 2,255.4 points.

Shares in M.Video-Eldorado underperformed the market and fell 2.2% after the company [reported a widening net loss for the first half](https://www.financedigest.com/european-governments-spend-half-a-trillion-euros-on-energy-crisis-report.html "European governments spend half a trillion euros on energy crisis – report") of 2022, as it saw dramatic shifts in the macroeconomic landscape and consumer sentiment.

Moscow-traded depository receipts in TCS shed 0.6%, extending Wednesday’s losses after the group said its first-half net [profit dropped to a five-year low](https://www.financedigest.com/samsungs-quarterly-profit-plunges-to-8-year-low-on-demand-slump.html "Samsung’s quarterly profit plunges to 8-year low on demand slump"), hit by higher funding costs and conservative provisioning.

(Reporting by Andrey Ostroukh; Editing by Christopher Cushing)


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