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Matt Dusk sings Sinatra in Halifax/PEI/Moncton | SaltWire - The Russian rouble leapt more than 3% on Thursday to a more than two-week high past 96 to the dollar after President Vladimir Putin ordered the mandatory sale of foreign currency revenues for some exporters to buttress the Russian currency.
By 0720 GMT, the rouble was 3.4% stronger against the dollar at 96.79, after earlier reaching 96.4550, its strongest since Sept. 27."Today, the rouble will strengthen ... even by the end of the year we will see the rouble at 88-92 ," said Yevgeny Kogan, professor at Russia's Higher School of Economics, but warning that by 2025-2026 businesses would form plans based on a rouble rate of 100-105.
That slump forced the central bank into an emergency 350-basis-point interest rate rise, but the rouble has failed to recover significantly, weakening to a more than 18-month low of 102.3450 this week. "The main purpose of these measures it to create long-term conditions for increasing the transparency and predictability of the FX market, reducing the opportunity for currency speculation," First Deputy Prime Minister Andrei Belousov said in a statement.
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