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In 0759 GMT, the rubles were 2.6% weaker against the dollar at 56.68, the weakest point since June 20. This unit has lost 1.4% to be traded in 58.58 versus Euro.
Rubel decline recently from the highest more than seven years, last Wednesday was only a correction in the market, Alor Broker said in a note.
It’s still too early to talk about pauses in the trend of reinforcement of rubles,” wrote the Alor Broken analyst. “Russia’s balance of payments will continue to remain very strong, the importer will not restore their position quickly.
Only by introducing new budget rules that can occur in the changing market of the Moscow Exchange currency radically.”
Encouraged by steps – including restrictions on Russian households that withdrew foreign currency savings – were taken to protect the Russian financial system from Western sanctions imposed after Moscow sent troops to Ukraine on February 24 in what he called “special military operations”.
The results of commodity exports and sharp declines in imports are further factors behind the profit of the currency. But Rubel has now lost support from the sale of dollars and euros which was driven by tax last week.
The hope of launching a currency intervention that will soon occur, which according to Minister of Finance Anton Siluanov can switch to when trying to withstand the reinforcement of rubles, can continue to attract support from Rubel on Tuesday, said Promsvyazbank analyst.
Puanin, the largest shareholder in Nornickel, is ready to discuss the possibility of a merging of mining giant with Rusal in the middle of Western sanctions, he said in an interview with RBC TV.
Stocks listed in Moscow Rusal jumped more than 20% before completing around 10% higher. Stocks in EN+, majority rusal shareholders, 10.5% higher in Moscow. Nornickel shares fell 2.1%.
The Dollar RTS index dropped 2% to 1,224.0 points. The Russian MOEX index based on ROUBLE is 0.1% lower at 2,202.0 points.
