Currency Note Worldwide

The Russian Rouble enjoys a (short term) bounce

By Smart Currency November 11th, 2014

  • Monday saw the Russian central bank abandon the rouble’s trading corridor, allowing the currency to float freely. The rouble has slumped close to 30% against the dollar so far this year as dramatic falls in oil prices and Western sanctions over the Ukraine crisis impeded Russia’s exports and investment inflows. The central bank stated that it will allow the rouble to trade openly come next year. Up until now it had held the rouble in a nine-rouble trading band against a dollar-euro basket, gradually limiting its foreign market interventions.
  • The Canadian dollar rose to one-week highs against its US counterpart on Monday. The US dollar hit 1.1300 against the Canadian, the lowest since 3rd November. The greenback was still suffering from last Friday’s labour department report that showed the US economy added 214,000 jobs in October, missing expectations of 231,000.

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