The ruble rose 0.55% against the dollar to 71.79 and 0.86% against the euro to 75.57. This was due to the rising price of oil, Russia's main export, up 0.23% to $78.87 per barrel, amid hopes of growing demand from China, a major oil importer.F
Russian Stock Markets Higher on New Year's Day
On New Year's Day, Russian stock markets were higher. The dollar-denominated RTS index rose 0.67% to 947.16, while the ruble-based MOEX Russian index remained largely unchanged at 2,157.74. Trading activity is expected to be low this week and recover to regular levels after January 9th, the end of Russia's New Year holidays.
Volatility for the Russian Ruble in 2022
The Russian ruble had a volatile year in 2022, plummeting to a record low of 120 per dollar in March after Russia sent tens of thousands of troops into Ukraine, causing market turmoil. However, the ruble later recovered with the help of capital controls and a collapse in imports. In December, the imposition of a Western oil price cap and embargos hurt the ruble. Still, analysts predict the currency will remain relatively resilient in 2023 due to Russia's strong current account surplus.