Russian Ruble Gains Slightly after Putin's Win

The Russian ruble appreciated almost 1% to 91.8 per USD after Vladimir Putin won another election and will stay as Russian President for another six years, making him the longest-serving Russian leader.

Despite the ruble's slight gain, market reaction was subdued, as the outcome was widely expected.

Throughout the year, the ruble has hovered around the 89-91 per USD range, thanks in part to higher oil prices and government initiatives supporting the defense industry and domestic businesses.

According to the latest report from the Russian finance ministry, the oil and gas revenues, crucial for the economy, were forecasted to climb to RUB 132.1 billion in March 2024.

Further support stemmed from capital controls for exporters, set to remain in force until the end of spring, and tight monetary conditions.

The Bank of Russia is expected to keep interest rates steady at 16% when it decides on monetary policy on Friday.