Putin’s Order to Sell Foreign Currencies Pushes The Ruble Up

Russian ruble
Russian ruble

The Russian ruble rose against other currencies in trading at the Moscow Exchange (MOEX) on Thursday after President Vladimir Putin issued a decree requiring domestic exporters to sell foreign currencies.

According to the MOEX data, at 07:01 Moscow time (0401 GMT), the U.S. dollar exchange rate was 96.59 rubles, which decreased by 3.61 rubles from the close of trading on Wednesday. The euro stood at 103 rubles, down 3.49 rubles, while the Chinese yuan slightly slid by 0.49 rubles to 13.21 rubles.

On Wednesday evening, the Russian government announced that Putin signed a decree on the mandatory sale of foreign currency earnings for certain Russian exporters during the next six months. Those exporters include oil and gas producers, metallurgy, chemical and forestry industries, and agriculture companies. Enditem

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