AKSJF - Russian ruble extends gains to one-month high as stock trading resumes

The Russian ruble is extending gains versus the dollar to the highest level since Feb 28, as the country's stock market gradually reopens after a near month-long suspension. As the Russian stock market regains some ground in the fourth session since trading resumed, the ruble is rising 4% against the greenback at 84.00 in early morning trading Tuesday. What's driving the ruble's rebound? The sanctioned country is switching to rubles for gas export payments and exporting firms are being mandated to convert 80% of their foreign currency earnings into rubles, ITI Capital Chief Investment Strategist Iskander Lutsko told Reuters. "The market now really depends on progress in negotiations between Russia and Ukraine," Lutsko added. Meanwhile, the ruble-based MOEX Russia Index (INDEXCF) slipped nearly 1% to $2.40K and down 37% YTD. Looking at Russian stocks individually, oil major Rosneft (OTCPK:RNFTF) jumped almost 10% and state lender Sberbank (OTCPK:SBRCY) (OTCPK:AKSJF) gained 8%. Take a look at the latest updates regarding the

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Russian ruble extends gains to one-month high as stock trading resumes