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Ruble soars against the dollar
January 9, 2013, 4:22 pm

 A currency exchange office in Moscow. [AP]

A currency exchange office in Moscow. [AP]

The Russian ruble has strengthened by five per cent against the US dollar over the course of 2012 – more than any other currency managed to achieve.

The Australian dollar and Canadian dollar grew against the USD by four per cent and three per cent respectively.

In the BRICS economies the Chinese Yuan increased by one per cent; while Indian rupee, Brazilian real and South African rand are in the red versus the US dollar.

Analysts cite several factors contributing to changes of the exchange rate of the Russian currency in 2012 including Bond market liberalisation.

In the first trading day of 2013, the ruble appreciated 0.6 per cent to 30.2120 per dollar, soaring the most in four months.

The ruble appreciated more than one per cent against the central bank’s euro-dollar target basket to 34.4722 by the close of the main session of stock trading.

Analysts predict the ruble to float at 30 rubles per dollar, or 34.4 rubles per dollar for the euro-dollar basket in the first quarter of 2013.

The rest of the year ruble is predicted to float at 32-33 rubles per dollar.

Source: Agencies

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