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1 November 2022 | Other

Russian ruble stabilizes after Russia suspends participation in Black Sea grain deal

EURRUB
USDRUB

According to Reuters, the Russian ruble has reduced its losses after Moscow said at the weekend that it would suspend its participation in a historic grain deal in the Black Sea.

In addition, Monday was the last day of the tax period at the end of the month, during which the ruble usually receives some support, and there was also the first meeting after the Bank of Russia ended its rate-cutting cycle.

Dmitry Polevoy, chief investment officer at Moscow broker Locko Invest, said that the completion of the end-of-month tax period and massive dividend payments, combined with a further decline in Russia's trade balance, would presumably strengthen the ruble toward 65 (against the U.S. dollar) by year-end.

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