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Rouble slides as Russia buys foreign exchange

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Rouble slides as Russia buys foreign exchange

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With the rouble at a six-month high Russia’s central bank has resumed buying foreign currency, a sign the government thinks it’s high enough.

Buying the one to two hundred million dollars worth of currency cost the rouble 1.35% against the dollar. It lost more, 1.87%, against the euro by the early afternoon.

Softening oil prices also greased the roubles’ slippery pole, after the bank spent last year expanding reserves in a bid to keep the rouble up.

The current price is a lot stronger than the January low of 80 to the dollar as markets took fright at the heavy fighting in eastern Ukraine.