April 25, 2024

Rouble Gains Momentum against the Greenback Recording a More than 2-Week High

The trading price of the Russian rouble has gained strong momentum against the USD during the Thursday trading session.

Russian Rouble Grows in Strength versus USD & EUR

According to the latest forex trading data, the value of the Russian rouble witnessed a strong flight. Among all the currencies it shook, the most prominent ones were the United States dollar and the euro.

The reason behind the strong performance of the Russian rouble versus the major currencies was the strong demand for Russian oil.

The Russian oil prices are growing strong and steady, which is providing more support to the Russian economy. As the Russian economy grows strong, so does the value of the rouble.

Russia’s Oil Prices

Ever since the global oil supply was disrupted by OPEC, the Russian Federation jumped in to supply its oil. The country announced that it was ready to fulfill the demand for oil for countries that faced disruptions on a higher scale.

Russia was fair in its offer as it blocked no country from getting its oil. Instead, the entire European territory, as well as Asia, is importing oil from Russia.

Europe, which backs Ukraine in its war against Russia, is also acquiring oil and natural gas from Russia.

Therefore, the value of oil in Russia is growing strong as the demand for their oil is constantly rising.

Upcoming Tax Period

Then there is the tax period that is soon to begin in Russia. According to economists and global market experts, the Russian rouble grows in value and demand throughout the tax period.

As the demand for the rouble rises in a particular period, so does its value in the global market.

Rouble’s Performance on August 2

As the trading day began, the value of the Russian rouble grew by 2%. As the price of the rouble grew stronger, it came all the way up to 59.52.

This is the firmest price the Russian rouble has managed to achieve versus the dollar since August 2.

Prior to the 2% gain, the trading price of the rouble had grown 2.2% versus the euro. The trading price of the euro has grown up to 60.30 versus the euro.

By hitting 60.30, the trading value of the rouble has hit its strongest level since July.

Prediction for the Rouble

According to economists, as the trading day progresses, the trading price of the rouble may continue growing stronger.

The rouble may continue gaining strength and the SberCIB Investment Research seems to be agreeing with such prediction. The tax payments data at the end of the month would definitely help push the value of the rouble higher.

 

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