MOSCOW, March 23 ― The rouble strengthened against the globally weaker dollar today after the US Federal Reserve sounded close to calling time on interest rate rises, while...
MOSCOW, March 23 ― The rouble strengthened against the globally weaker dollar today after the US Federal Reserve sounded close to calling time on interest rate rises, while weaker oil prices held the Russian currency back from gaining against the euro and yuan.In a widely expected move, the Fed raised interest rates by 25 basis points but recast its outlook to a more cautious stance as a result of recent turmoil in financial markets spurred by the collapse of two US banks.
The rouble should start gaining support from month-end tax payments, when Russian exporters' demand for roubles tends to increase as they convert foreign currency revenue to pay local liabilities.
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