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Russian Ruble Weakens in First Trade of the Year

The Russian rouble experienced a downturn on Tuesday, with a 0.4% decline against the dollar and a 0.6% drop against the Euro in light trading during public holidays in Russia.

Russian Ruble Notes and One-dollar Bills
Russian Ruble Notes and One-dollar Bills

As of 0705 GMT, the rouble was trading at 70.18 to the dollar and 74.67 to the euro on the Moscow Exchange. The rouble had a tumultuous year in 2022, plummeting to a record low of 120 per dollar in March following Russia's military intervention in Ukraine, but eventually rebounded with the aid of capital controls and a reduction in imports.

Russian Stock Indexes Show Early Gains on Tuesday

Russian stock indexes demonstrated early gains on Tuesday despite the rouble's struggles. The dollar-denominated RTS index rose 0.25% to 972.8 points, while the rouble-based MOEX Russian index increased 0.58% to 2,167 points.

Analysts Predict Ruble Will Remain Relatively Resilient in 2023

Although the imposition of a Western oil price cap and embargo impacted the rouble in December, analysts believe the currency will remain relatively stable in 2023 due to Russia's strong current account surplus.