Thursday, October 12, 2023

"Rouble Soars Past 97 Vs Dollar After Putin Reintroduces Currency Controls"

As Mr. Chandler noted in the post immediately below, they're baack.

From Reuters via US News & World Report, October 12:

The Russian rouble leapt on Thursday to a more than two-week high against the U.S. dollar, after President Vladimir Putin ordered the mandatory sale of foreign currency revenues for some exporters to buttress the currency.

By 1007 GMT, the rouble was 3.4% stronger against the dollar at 96.84, after earlier reaching 96.4550, its strongest since Sept. 27.

It gained 3.5% to 102.79 versus the euro and 3.3% against the yuan to 13.26.

The rouble collapsed to a record low in the weeks after Russia invaded Ukraine last year, after which authorities imposed similar capital controls that saw it recover to a seven-year high.

But the currency has charted a steadily downward course this year, under pressure from capital outflows, falling exports and recovering imports....