Thu 07 September 2023:
The Russian rouble fell again against the dollar in late trade on Thursday, staying above three-week lows after just a little respite from Wednesday’s revelation of a central bank plan to accelerate foreign currency sales.
The rouble was 0.3% weaker versus the dollar at 98.43 and little changed against the euro at 105.41 at 1555 GMT.
It earlier hit lows of 98.57 per dollar and 105.66 per euro, its worst since Aug. 15.
In afternoon trade, the rouble saw a brief unexplained spike from around 97.74 to hit a session high of 97.18.
The value of the ruble recovered after a fall after the start of Russia’s military campaign in Ukraine thanks to measures taken by the authorities, it has been sliding for the past year.
It fell precipitously at the start of August, breaking the 100 rubles to the dollar level for the first time since in the immediate wake of the start of the military campaign.
To stabilize the ruble and contain rising inflation the Bank of Russia hiked its key interest rate from 8.5 to 12 percent. That helped strengthen the ruble to under 94 to the dollar, but it has slowly eroded to 98 to the dollar currently.
A dispute has broken out in recent weeks between the government and the Bank of Russia, whose Governor Elvira Nabiullina is against further government intervention in the economy to avoid weakening it further.
SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES
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