Economy

xchrom

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25. Russian Ruble Strengthens In Thin Trade

Thu Dec 25, 2014, 08:45 AM

Dec 2014

http://www.businessinsider.com/r-russian-ruble-strengthens-in-thin-trade-2014-12

Russia's rouble strengthened on Thursday as exporters sold foreign currency in response to government pressure and to meet tax payments, but trading volumes were thin as many Western markets were closed for the Christmas Day holidays.

At 3.25 a.m. EST, the rouble was 1.7 percent stronger against the dollar at 52.55 and gained 1.5 percent to trade at 64.53 versus the euro.

The rouble earlier hit its highest against the dollar and euro since Dec. 4 and has trimmed its losses against the greenback to around 37 percent this year.

The Russian currency is supported towards the end of each month by tax payments to the state budget that require Russian exporters to convert part of their foreign-currency earnings into rubles.

Read more: http://www.businessinsider.com/r-russian-ruble-strengthens-in-thin-trade-2014-12#ixzz3Mufw6CYS

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