mehnatManish Udar
2022/04/30
Moscow: The Rouble touched a level of 70.31 Roubles per USD in intra day trade at the Moscow currency exchange yesterday. The price was 70.52 Roubles per Dollar at 1155 hours Moscow Time, reported TASS.
Friday's prices were very close to the Rouble's highest price against the greenback in 365 days. The lowest level which the Dollar has touched against the Rouble in the last 365 days is 69.55 Roubles per US Dollar on the 27th of October 2021.
Interfax reported on Friday the 29th of April that the Rouble rose against the Euro as well, the reason being the fact that demand for the Rouble from buyers was more than supply from sellers. A strong trade balance and increases in petroleum and natural gas prices contributed to demand for the Russian currency, according to the agency.
The Bank of Russia reduced the time period which is used to calculate the official rate of exchange of the Rouble against the Dollar, the Euro, and the Yuan by one hour on the 25th of April, according to a press release. Earlier, trades at the Moscow Currency Exchange from 1000 hours Moscow Time to 1630 hours Moscow Time were used to arrive at the exchange rate. The new time period is from 1000 hours to 1530 hours.
Investment strategist Sergei Suverov called this move "a step to the East". He told Radio Sputnik that this has been done with a view to making currency trading more convenient for buyers and sellers in eastern countries. Early announcement of "tomorrow's rate" makes it easier for such traders to make tax calculations and is required by lawyers while executing forex operations, according to Suverov. It may be noted that Moscow Time is 5 hours behind Beijing Time.