On Wednesday, the rouble found some stability near 60 against the dollar and the euro as attention turned to the Russian finance ministry’s return to the debt market for the first time since February.
The rouble fell 0.1% versus the dollar and 0.2% against the euro as of 07:14 GMT, making it 59.94 to each.
According to Georgy Vashchenko, the deputy director of the research department at Freedom Finance Global, “the focus is on the first OFZ placement in half a year,” with the new borrowing likely being used to restructure domestic debt.
To prevent further budget deficits, Russia stopped holding weekly auctions of OFZ treasury bonds in February.
It will be offering a 10-year bond worth 10 billion roubles on Wednesday.
Since investors anticipate a crucial rate cut on Friday, “demand is expected to be robust at the first auction,” said Vashchenko.
Mahnur is MS(development Studies)Student at NUST University, completed BS Hons in Eng Literature. Content Writer, Policy analyst, Climate Change specialist, Teacher, HR Recruiter.
