# Rouble weakens towards 62 vs dollar, stocks up
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-08-16
Category: TRADING
Category URL: https://financedigest.com/category/trading
Meta Title: Russian rouble weakens as oil prices fall
Meta Description: Stay updated on the latest market trends with insights into the Russian rouble's performance amid economic factors. Don't miss out on potential
URL: https://financedigest.com/rouble-weakens-towards-62-vs-dollar-stocks-uphtml

![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2022-08-16t074347z1lynxmpei7f07drtroptp4russia-rouble-banknote-1736815466968-compressed.jpg)

(This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine)

MOSCOW (Reuters) – The rouble weakened towards 62 to the U.S. dollar on Tuesday, pressured by falling oil prices but supported by looming taxes that usually boost demand for the Russian currency, while [stock indexes climbed higher](https://www.financedigest.com/wall-street-stocks-power-higher-as-treasury-yields-and-dollar-ease.html "Wall Street stocks power higher as Treasury yields and dollar ease").

At 0726 GMT, the rouble was 0.6% weaker against the [dollar at 61.56 and was steady at 62.39 against the euro](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").

The rouble is the world’s best-performing currency this year thanks to capital controls and is [expected to find more support soon from month-end tax payments that usually prompt export-focused companies to convert part of their foreign currency revenues](https://www.financedigest.com/global-lycopene-market-outlook-business-challenges-investment-opportunities-progression-status-revenue-expectation-and-forecast-2022-2029.html "Global Lycopene Market Outlook Business Challenges, Investment Opportunities, Progression Status, Revenue Expectation and Forecast 2022-2029").

Rouble volatility has declined recently after wild swings which saw it [hit a record low of 121.53 to the dollar](https://www.financedigest.com/european-shares-hit-nine-month-high-dollar-wobbles-after-powell-remarks.html "European shares hit nine month high, dollar wobbles after Powell remarks") on the [Moscow](https://www.financedigest.com/russia-swelters-in-heat-wave-moscow-breaks-1917-record-for-early-july.html) Exchange in March, days after Russia sent tens of thousands of troops into Ukraine on Feb. 24, and then [rally 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.

On the [stock market](https://www.financedigest.com/compelling-tips-to-make-profitable-investments-in-the-stock-market.html "Compelling Tips to Make Profitable Investments in the Stock Market"), the dollar-denominated RTS index inched 0.1% higher to 1,113.5 points and its rouble-based peer MOEX was 0.5% higher at 2,175.9 points.

Market [moves were relatively muted despite analysts predicting an increase in selling pressure as Russia started the conversion of global](https://www.financedigest.com/analysis-at-world-cup-saudi-crown-prince-moves-back-on-to-global-stage.html "Analysis-At World Cup, Saudi crown prince moves back on to global stage") depository receipts (GDRs) into shares from Monday.

GDRs of [Russian companies that were traded on foreign exchanges and held in Russian depositories will be converted into shares](https://www.financedigest.com/permitted-share-of-chinas-yuan-in-russian-wealth-fund-doubled-to-60-finance-minister.html "Permitted share of China’s yuan in Russian wealth fund doubled to 60% -Finance Minister") on the [Moscow](https://www.financedigest.com/russia-swelters-in-heat-wave-moscow-breaks-1917-record-for-early-july.html) Exchange in an effort to reduce foreign control over such companies amid Western sanctions.

[Russian](https://www.financedigest.com/analysis-foreign-firms-losses-from-exiting-russia-top-107-billion.html) treasury [bond prices](https://www.financedigest.com/german-bond-yields-give-up-rise-after-u-s-price-data.html "German bond yields give up rise after U.S. price data") rose slightly. [Yields on benchmark 10-year OFZ treasury bonds](https://www.financedigest.com/wall-st-stocks-fall-bond-yields-rise-as-china-drops-quarantine-rule.html "Wall St stocks fall, bond yields rise as China drops quarantine rule"), which move inversely with their prices, slid to 9.11% from Monday’s close of 9.17%.

From Monday, Moscow Exchange has allowed non-residents from designated “friendly” countries that have not imposed sanctions against [Russia to trade bonds](https://www.financedigest.com/pimco-cut-big-position-in-russia-cds-by-adding-bonds-in-q2.html "PIMCO cut big position in Russia CDS by adding bonds in Q2").

The admission of friendly [investors to bond trading has not led to any market changes](https://www.financedigest.com/bayer-hits-8-month-high-as-investors-welcome-ceo-change.html "Bayer hits 8-month high as investors welcome CEO change"), as well as the beginning of depository receipts’ conversion,” said Alexei Antonov, head of investment consulting at Alor Brokerage.

(Reporting by Andrey Ostroukh; editing by David Evans)


---
This blog is powered by Superblog. Visit https://superblog.ai to know more.
---