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Russian rouble rallies, reversing last week’s heavy losses

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Reuters UK

(Reuters) – The rouble firmed sharply in volatile trade on the Moscow Exchange on Monday, reversing some of last week’s heavy losses as it retained support from capital controls and Russia’s strong trade account. The rouble plunged last week as the central bank slashed interest rates, signalling more cuts. The prospect of an easing of capital controls and a possible sovereign default added to downside pressure. At 0807 GMT, the rouble was nearly 5% stronger at 63.47 to the dollar. Last Wednesday it had hit 55.80 to the dollar, its strongest level since February 2018. Against the euro, the roub…

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