n Ruble Climbs

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n Ruble Climbs

n Ruble Climbs

The ruble rose to a one-week high against the dollar on Monday, boosted by the start of a favorable month-end tax period, as oil prices fell and the threat of geopolitical risk loomed over n markets.

The ruble was 1.1% stronger against the dollar, trading at 61.41, its highest level since Oct. 10. It rose 0.6% against the euro to 60.35 and 1.6% against the yuan to 8.47, a near two-week high.

Export-oriented businesses typically convert foreign exchange earnings into rubles to pay domestic tax liabilities, thereby supporting the n currency.

The ruble has been the world’s best-performing currency this year, aided by capital controls and a drop in imports after Western governments imposed harsh sanctions on  for its actions in e and scores of foreign firms suspended operations in the country.

The RTS index in US dollars was up 2.3% to 1,013.3 points. The ruble-based MOEX n index increased by 1.3% to 1,977.1 points.

USD, Metals, and GBP

The dollar is at its highest since 2000, having risen 22,4% against the yen, 13,3% against the euro, and 6,5% against emerging market currencies since the beginning of the year. Given the dollar’s dominance in international trade and finance, such a sharp dollar strengthening in months has significant macroeconomic implications for almost all countries.

Spot silver increased by 3.25% to $18.85 per ounce. Moreover, Platinum increased by 2.03% to $917.01. Palladium increased by 1.92% to $2,027.18. After falling more than 3% last week in its worst performance since July, spot gold was up 1.46% at $1,666.39 per ounce. Gold futures in the United States rose 1.39% to $1,671.90.

GBP/USD held steady on Monday after retreating from resistance levels before the weekend. The resistance levels at 1.1405 and 1.1414 may remain in place. The dollar fell 0.1% against its peers, making gold more affordable for buyers holding other currencies.

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