Russian Ruble Reaches a Two Year High Vs. Euro

A view shows Russian rouble coins in this illustration picture taken March 25, 2021. REUTERS/Maxim Shemetov/Illustration/File Photo  

Reuters: Russian rouble hits more than 2-year high vs euro before steadying near 77 

(Reuters) - The Russian rouble clipped a more than two-year high against the euro in early trade on Tuesday before stabilising near Monday's close, in a week where tax payments are supporting the currency and as investors look ahead to an expected rate cut on Friday. 

At 0817 GMT, the rouble had gained 0.3% to trade at 76.90 versus the euro, after earlier hitting 75.95, its strongest mark since early March 2020. It was 0.1% stronger against the dollar at 73.04. 

Trading activity remains subdued and somewhat erratic compared with levels seen before Feb. 24, when Moscow sent tens of thousands of troops into Ukraine. 

Movements in the rouble are artificially limited by capital controls imposed by the central bank, and the economy faces soaring inflation, capital flight and the risk of a possible debt default after the West imposed tough sanctions.  

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