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The ruble swung around the 80 level against the dollar on Monday, while stock indices slipped slightly as the market lacked fresh momentum and monitored developments around what Russia calls a “special military operation” in Ukraine.
The Ukrainian Foreign Minister said that there had been no diplomatic contact between Russia and Ukraine at the level of their foreign ministries.
The ruble was little changed today at 79.65 against the dollar and rose 0.2% to 85.15 against the euro.
While volatility in the ruble is artificially limited by capital restrictions Russia imposed in late February, its financial sector and economy have been hit by unprecedented Western sanctions designed to punish Moscow for sending tens of thousands of troops into Ukraine on February 24.
According to analysts polled by Reuters, the ruble could see a boost from tax payments this month. Companies are set to pay a record 3 trillion rubles ($37.50 billion) in taxes, which some export-focused firms need to sell foreign currency.
Russia has allowed citizens to trade foreign currencies again. With this decision, banks will have the right to sell foreign currencies to citizens from today until September 9, provided that they sell only foreign currencies that they began receiving since the 9th of this month.
