Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
FX trading jargon is perverse.
The Russian rouble rose to a two-week high past 61 per dollar on Tuesday, clinging on to large gains made in the previous session, thanks in part to still-high oil prices.
RUB FX val is less than,  it was at the start of the trading day.

A "strong" RUB would approximate parity value with USD, EUR; but that trend is exactly what the CBR has wanted to avoid since March 2022.

RUB strongest "gain" in value to USD was Feb 2013, USD:RUB, 1:30.11.

Why? 1. RU plans to exit USD reserve trading; 2. RUB par val to USD (RUB≥USD, 1≥1) cancels discounted cash value of RU goods sold per unit to emerging market trade "partners" with whom RU banks maintain bi-lateral transaction settlement agreements.

by Cat on Tue Nov 8th, 2022 at 10:47:59 PM EST
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