Your current location is:{Current column} >>Text
Rouble falls past 61 vs dollar as conversion of depository receipts begins By Reuters
{Current column}963People have watched
Introduction© Reuters. FILE PHOTO: Russian 100-rouble banknotes are placed on a cashier's desk at a supermarket ...

MOSCOW (Reuters) -The rouble slid past 61 to the dollar on Monday as the conversion of depository receipts in Russian companies to local shares got underway, and as foreign investors from designated "friendly" countries were able to return to the bond market.
At 1029 GMT, the rouble was 1.5% weaker against the dollar at 61.49, leaving the narrow range between 59.45 and 61.45 where it had spent nine trading session in a row.
It eased 0.2% to 62.44 against the euro.
Rouble volatility has declined recently after wild swings which saw it hit a record low of 121.53 to the dollar on the Moscow Exchange in March, days after Russia sent tens of thousands of troops into Ukraine on Feb. 24, and then rally to a seven-year peak of 50.01 in June.
The rouble is expected to find support from month-end tax payments that usually prompt export-focused companies to convert part of their foreign currency revenues.
On stock markets, the dollar-denominated RTS index fell 1.4% to 1,100.2 points, while the rouble-based MOEX Russian index was flat at 2,147.6 points.
Market moves were relatively muted despite analysts predicting an increase in selling pressure as Russia starts the conversion of global depository receipts (GDRs) into shares.
GDRs of Russian companies that were traded on foreign exchanges and held in Russian depositories will be converted into shares on the Moscow Exchange from Aug. 15 in an effort to reduce foreign control over such companies amid Western sanctions.
The central bank said on Monday that the Russian depositories, which currently hold GDRs, will write them off from the holders' accounts and credit the shares of Russian issuers instead. The whole process will take up to three weeks, the central bank said.
"Depositary receipts start being converted to equities today, which could create a supply overhang and make it difficult for the stock market to rise," Promsvyazbank analysts said, forecasting a slide in the MOEX index to below 2,100 points.
From Monday, Moscow Exchange will also allow non-residents from designated "friendly" countries that have not imposed sanctions against Russia to trade bonds.
"We do not expect this to have a significant impact on the FX market," Sberbank CIB analysts said.
Yields on benchmark 10-year OFZ treasury bonds nodded lower to 9.16% from Friday's close of 9.18%.
Statement: The content of this article does not represent the views of FTI website. The content is for reference only and does not constitute investment suggestions. Investment is risky, so you should be careful in your choice! If it involves content, copyright and other issues, please contact us and we will make adjustments at the first time!
Tags:
Related articles
Eleven killed in Russian strike, Ukraine rescue teams sift through wreckage By Reuters
{Current column}By Kai PfaffenbachSLOVIANSK, Ukraine (Reuters) - Russian missiles hit residential buildings in the e ...
Read moreStock Market Today: Dow Racks Up Gains as Easing Inflation Triggers Tech Rally By
{Current column}© Reuters. By Yasin EbrahimFxgecko.com -- The Dow racked up gains Wednesday, as data pointing t ...
Read moreU.S. Senate Democrats fend off amendments to $430 billion climate and drug bill By Reuters
{Current column}© Reuters. A general view of the U.S. Capitol after United States Vice President Kamala Harris, vote ...
Read more
Popular Articles
- This week in tech: Shares slide at Netflix, Tesla, Alphabet
- Radex Markets Trading Is Safe? Company Abbreviation Radex Markets
- FT Worldwide Trading Is Safe? Company Abbreviation FT Worldwide
- FT Worldwide Trading Is Safe? Company Abbreviation FT Worldwide
- J&J talc unit 2nd bankruptcy must be dismissed, cancer victims' lawyers say By Reuters
- U.S. Nonfarm Payrolls Soar 528,000 in July By
Latest articles
-
Markets on edge as US debt ceiling talks approach crunch time By Reuters
-
Wall St opens higher as bets on big rate hikes ease after inflation data By Reuters
-
S&P 500 Gives Up Gains as Nvidia Drags Down Tech By
-
Beyond Meat: Shares Plummet As Americans Don't Swallow Plant
-
4 big analyst picks: Wall Street cheers Molson Coors after Q1
-
Chile sinkhole grows large enough to swallow France's Arc de Triomphe By Reuters