The measures, Scope added, make Russia "more vulnerable to banking and liquidity crises." Meanwhile, Scope Ratings said capital controls "raise significant questions surrounding the Russian state's willingness to service its debt owed to foreign residents" a day after cutting its Russia rating to junk status. ![]() JPMorgan said about $4.2 billion in Russian debt is at risk of being kicked out of investment-grade bond indexes. Many international companies have announced plans to exit Russia, while the country's credit ratings are coming under pressure as a result of the crisis.Ĭredit rating agency Moody's said it was reviewing Russia's rating for a downgrade, a move that "reflects the negative credit implications for Russia's credit profile from the additional and more severe sanctions being imposed." The weak rouble will hit living standards in Russia and fan already high inflation, while Western sanctions are expected to create shortages of essential goods and services such as cars or flights. ![]() Russia has responded to the currency weakness by more than doubling its benchmark interest rate to 20% and telling companies to convert 80% of their foreign currency revenues on the domestic market as the central bank, which is now under Western sanctions, has stopped foreign exchange interventions. "Who gosh-darn knows what's going to happen tomorrow," said Colin Stewart, head of Americas at Quant Insight in New York. On the EBS platform, the rouble has this week had the three widest daily ranges since 2010, with Monday the widest range on record. The currency is still over 20% weaker than where it traded at during the first half of February. Against the euro, it shed 2.5% on Wednesday to finish the day at 115.40.īut trading outside of Russia, saw the currency rebound to end the day up 6% to 100 on the EBS platform and 7.6% at 97.6 elsewhere. It has lost 30% of its value against the dollar since the start of the year. The rouble fell 4.5% to 106.02 against the dollar in Moscow trade, earlier hitting 110.0, a record low. The Russian stock market remained closed and trading on bonds showed wide bid-ask spreads and little-to-no volume. Avoid them if you can.NEW YORK, March 2 (Reuters) - The rouble touched a record low of 110 to the dollar in Moscow on Wednesday and crawled back near 100 in other trading platforms, though it continued under pressure as Russia's financial system teetered under the weight of Western sanctions imposed over the invasion of Ukraine. Prefer in-store currency exchange? Head to the CBD of your nearest city for the most competitive exchange rates suburban bureau de change outlets tend to have poorer rates and fees.Ĭurrency exchange counters in Australia’s airports are infamous for their atrocious exchange rates. Some exchange companies with online options suggest you allow between two and five days to process currency. If you choose online delivery or in-store pickup, check the processing time. Try S Money or a similar online currency exchange store to get rates that reflect the comparisons you see on XE or Google. ![]()
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