Russian rouble rebounds from 9-month low as Kazakh violence ebbs

  • 1/7/2022
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MOSCOW, Jan 7 (Reuters) - The rouble leapt on Friday, recovering from a near nine-month low hit the previous session, as a lull in violence in neighbouring Kazakhstan reversed a sell-off, although trade was thinned by Russia"s New Year"s holidays. Kazakhstan has experienced its worst unrest since independence in 1991, spurred initially by protests against gas price hikes. Security forces appeared to be in control of the streets of the country"s main city, Almaty, on Friday. read more By 1521 GMT, Russia"s rouble was 1.5% stronger against the dollar at 75.15 . On Thursday, it fell to 77.3450, its weakest since April 15, 2021. It had gained 0.9% to trade at 85.29 versus the euro . The rouble has been under increased geopolitical pressure since October as Western nations expressed concerns about Russia"s military build-up near neighbouring Ukraine. Moscow said it can move its army within its territory as it deems necessary. Russia, meanwhile, has sent paratroopers into Kazakhstan as part of an international force to help calm the uprising. Kazakhstan is an oil producer and the world"s top miner of uranium, and the unrest has supported commodity markets. Brent crude oil , a global benchmark for Russia"s main export, was steady at $82.00 a barrel. Friday"s apparent return of calm in Almaty helped Kazakhstan"s bonds to recoup some lose ground, although Moody"s ratings agency said prolonged social unrest could undermine the country"s political, institutional and financial stability. read more Trading activity on Russian markets is expected to remain low until Jan. 10, the end of Russia"s New Year holidays.

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