Russian rouble approaches multi-year highs after rate cut
Woman holds Russian Roubles in front of U.S. Dollar banknotes in this illustration taken May 30, 2022. REUTERS/Dado Ruvic/Illustration
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- Rouble jumps to highest in over 2 weeks vs dollar and euro
- Bank of Russia cuts interest rate by 150 bps to 9.5%
- 10-yr OFZ yield reaches lowest level since Jan. 13
- Fin. ministry drops requirement for exporters to convert FX
June 10 (Reuters) – The rouble soared on Friday to its strongest level against the dollar since late May, close to multi-year peaks, after Russia’s central bank cut its key interest rate by 150 basis points to its pre-crisis level of 9.5% and Moscow eased some capital controls.
The central bank, exceeding average expectations of a 100-basis-point move in a Reuters poll earlier this week, said it would explore the scope for more cuts as inflation slows from near 20-year highs and economic contraction looms. read more
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