Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

Russian Ruble Makes Gains in Early Trade

The Russian ruble extended gains on Thursday, helped by a modest retreat in the U.S. dollar on global markets and a strong rise in oil prices late on Wednesday.

At 07:50 GMT, the ruble was about 1.1 percent stronger against the dollar at 56.97 and was about 0.3 percent up on the euro at 61.77.

Brent crude oil, a key driver for all Russian assets, was 0.4 percent down on the day at about $56.9 a barrel but was trading higher than on Wednesday evening in Moscow.

Meanwhile, the dollar retreated about 0.4 percent against a basket of major currencies.

Trading volumes were thin ahead of an extended Easter holiday weekend on which many Western markets will be closed and as the market awaited U.S. payrolls data on Friday.

A forex trader said the ruble was also helped on Thursday by weaker demand for foreign currency than in recent weeks.

Russian shares were mixed on Thursday, with the direction of two major indexes reflecting moves in the ruble.

Russia's dollar-denominated RTS index was up 0.8 percent to 918 points, while its ruble-based peer MICEX traded 0.1 percent lower at 1,660 points.

Shares in the Moscow Exchange rose about 5 percent after the Central Bank said it did not plan to sell out of the exchange this year given recent geopolitical developments.1

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more