Rouble hits two-month high against euro

May 10th, 2011 | By | Category: Rouble News

The rouble this morning climbed to a two-month high against the euro.

Russian markets opened again today after a three-day weekend. Financial analysis shows that despite the gain on the euro, viagra 60mg the rouble fell against the dollar, dosage thanks to increasing risk aversion around the world. This risk aversion also affected the Russian stock market, with the RTS index pushed down 1.3 per cent.

At 6.30am (GMT) this morning, the rouble had gained 36 kopecks to 39.89 against the euro, its strongest position since March 14. The rouble firmed 3 kopecks to 33.32 versus the euro-dollar basket, whilst giving up 24 kopecks to 27.95 versus the greenback. This marked a move away from the rouble's peak at the strongest levels since 2008, achieved earlier in May.

Dmitry Kharlampiev, an analyst at Petrocommercebank, told Reuters, "Current moves in the rouble should be attributed to serious changes on the global market, primarily due to clouds over the euro zone."

However, oil prices remained strong at $115 per barrel, limiting the rouble’s losses and ensuring dollars continue to flow into the Russian economy.

In a note, ING bank said, "Today we expect elevated volatility and the basket will likely remain within the wide range of 33.20-33.40 roubles."

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