Posted 10/27/2023, 2:35:00 PM
Rouble Strengthens on Rate Hike and Exporter FX Sales But Inflation Concerns Remain
- Rouble hits over 6-week high of 92.51 vs dollar after Bank of Russia hikes rates by 200 bps to 15%
- Increased FX sales by exporters also supporting currency strength
- Inflation expectations remain high at 11.2%, potentially prompting further rate hikes
- New FX revenue controls on exporters came into force, though impact seen as limited
- Rouble pares back some gains, trading around 93.57 per dollar after initially strengthening on rate hike news
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