[Archyde.com]–The ruble plunged in the transaction on the 11th after the Central Bank of Russia announced the deregulation of capital restrictions that it had tentatively introduced to prevent the ruble from falling.
The ruble fell by more than 4% against the dollar by 1500 GMT (0:00 am on the 12th of Japan time) in the volatile transaction, and the dollar was 79.45 rubles. 1 euro = 86.45 rubles, down 4.5% against the euro.
The ruble temporarily fell to 82.950 rubles against the dollar during Moscow trading hours. It was 71 rubles on the 8th of last week, the highest price since November 11th last year.
The Russian central bank announced on the 8th that it will allow individuals to purchase foreign currency in cash and will abolish the 12% commission when purchasing foreign currency through a securities company.
“The central bank has given a clear signal that a higher ruble is not desirable,” said Vladimir Evstifeev, an analyst at Zenit Bank.
Yields on Russian government bonds also fell in the transaction on the 11th. The 10-year bond yield was 10.45%, the lowest level since February 21, three days before the start of the invasion of Ukraine.
Stock prices have also fallen, with the dollar-denominated RTS index down 5.8% and the ruble-denominated MOEX Russia index down 1%.
However, Rosbank soared 40%. French bank giant Societe Generale announced that it has agreed to sell shares in Rosbank and its insurance subsidiary to Interos Capital, which has ties to Russian millionaire Vladimir Potanin.