All news

Ruble weakens by 10.4% against dollar in June 2023 — regulator

The volume of net sales of foreign currency by the largest exporters compared to May decreased by 22.9%, to $7 billion

MOSCOW, July 10. /TASS/. The weakening of the ruble against the US dollar by 10.4% in June 2023 occurred amid a 22.9% decrease in sales of foreign exchange earnings by exporters. This is according to the review of financial market risks by the Bank of Russia.

"In June, the depreciation of the national currency continued, in general, over the month, the ruble weakened against the US dollar by 10.4% (in May - by 1%). Such a change in the ruble exchange rate in June occurred mainly amid a decrease in foreign exchange receipts through the channel of Russian exports," the regulator says.

In the meantime, the volume of net sales of foreign currency by the largest exporters compared to May ($9.1 billion) decreased by 22.9%, to $7 billion. In general, the ratio of net foreign exchange sales to foreign exchange earnings of the largest exporters (excluding export foreign exchange earnings in rubles) in May 2023 remained at a high level of 90%. In addition, the demand for foreign currency steadily increased in June due to an increase in the concentration of large participants.

"On June 23-25, due to internal political events, volatility on the foreign exchange market increased. Its main peak fell on the weekend, affecting mainly the situation on the over-the-counter market. A sharp increase in uncertainty contributed to a short-term surge in prices for the purchase of foreign currency in banks. A quick settlement of the situation contributed to stabilization on the foreign exchange market," the Bank of Russia states.

During the weekend, individuals purchased foreign currency for 6.2 billion rubles ($68.3 mln), 75% of this volume fell on non-cash foreign currency.

At the same time, the US dollar exchange rate at the opening of the morning exchange trading on June 26 reached 87.23 rubles per dollar, after which it began to adjust and by the closure fell to 85.09 rubles per dollar. Compared to Friday's close, the ruble weakened by only 0.46%.

The share of the yuan in foreign trade operations continued to grow and reached 25% in exports in May, while remaining at 31% in imports (23% and 31% in April, respectively). In value terms, monthly export earnings in Chinese yuan increased from $7.4 billion to $8.4 billion, while import payments rose from $8.1 billion to $8.1 billion.

Along with the increase in the share of the yuan, the share of the ruble in foreign trade also continues to grow. In exports, it reached 39%, and in imports it exceeded 30%. In this context, the share of "toxic" currencies (US dollar and euro) in exports and imports decreased in May 2023 to 33% and 35%, respectively, according to a review of the regulator.