Russia: Rouble picks up in January
February 1, 2012
On 31 January, the Russian rouble (RUB) traded at RUB 30.36 per USD, which was 5.2% stronger than the last day of the previous month. The January increase contrasted a 2.2% drop recorded in December. On a year-on-year basis, the rouble is now trading 2.3% weaker compared to the end of January 2011. The rouble appreciated in January following the upward trajectory of the price of Ural oil, Russia's main export commodity, which increased at the beginning of the year on the back of a more favourable global outlook. In addition, capital outflows ? which added further downward pressure on the rouble at the end of 2011 ? moderated in January, according to a statement by Deputy Central Bank Chairman Alexei Ulyukayev.
Author: Armando Ciccarelli, Head of Data Solutions