The Russian rouble strengthened on Friday, heading back past the 61 mark against the dollar and recovering some ground after falling sharply from multi-year highs in the past week, as the market priced in possible foreign currency interventions. The rouble hit more than seven-year highs just over a week ago, but then shed around 20% against the greenback as several officials voiced concerns about its strength, which dents Russia’s income from exporting commodities and other goods priced in dollars and euros. At 0734 GMT, the rouble was 1.4% stronger against the dollar at 61.11, pulling away from more than five-week lows hit on Wednesday and hitting a three-day high of 60.70. It had gained 2.6% to trade at 61.98 versus the euro.
Published in The Express Tribune, July 9th, 2022.