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Ruble price rises to highest level in more than 2 years

Russian Ruble. (Photo: istock)

The move comes during a trading week that is expected to see Russian corporate tax payments backing the currency, with investors eyeing the possibility of a rate cut by the Central Bank of Russia on the 29th. /4.

At 15:17 (Vietnam time), Ruble rose 0.3% to trade at 76.90 Rubles for 1 Euro, after touching 75.95 Rubles/Euro earlier in the session – the highest mark since early March 2020. The Russian local currency also gained more than 0.1% against the dollar, at 73.04 rubles to 1 USD.

Trading activity is still quite quiet and somewhat erratic compared to the level recorded before February 24, when Russia started deploying a special military operation in Ukraine.

According to analysts at Promsvyazbank, the factor that could support the ruble this week is the fact that Russian companies will have to pay income tax on April 28. However, the payment period for Russia’s mining tax ended on April 25. This may limit the ruble’s appreciation somewhat.

Analysts’ estimates suggest that April 2022 tax payments by Russian businesses could hit a new record.

Meanwhile, a recent short report by investment bank Sberbank CIB said that foreign currency sales by exporters after the recent easing of currency controls by the Russian government could end this week. . At that time, the ruble may be under pressure.

Another factor that also dominated market sentiment in this session was the decision on interest rates by the Central Bank of Russia at its meeting on April 29.

News agency poll Reuters forecast the Bank of Russia will cut its key interest rate by about 20 percentage points to 15%, as it tries to stimulate more lending as the economy faces high inflation.

Lower interest rates support the economy through cheaper lending, but can also spur inflation and make the ruble more vulnerable to external shocks.

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