Russia Financial News

Investing.com — Wall Street heads lower ahead of the release of key retail sales data as well as results from home improvement retailer Home Depot. China cuts interest rates to help its economic recovery, Russia hikes to support the ruble, while Japan’s economy bounces back to life.

China’s yuan extended its losses for a fourth day and erased all of its post-reopening gains even after authorities cut a key interest rate and began considering a stamp-duty reduction for stock trades. But data releases offered further evidence of a failed economic recovery, leaving investors craving for a big bazooka of stimulus rather than half-hearted darts thrown in the dark. Russia witnessed the same reactions.

Argentina and Russia are giving money managers a brutal reminder this week of idiosyncratic risks in emerging markets. 

European stocks fell and government bond yields climbed as inflationary fears fueled bets interest rates will stay higher for longer. China’s yuan retreated to its weakest since November after a surprise interest-rate cut. 

BRICS Leaders’ Summit is set to be held from 22 August to 24 August, with leaders from Brazil, South Africa, India and China expected to meet in Johannesburg. Mint looks at what is the agenda. – Leaders of the BRICS nations, minus Russian president Vladimir Putin, will meet in later this month in South Africa for the 15th Summit.

Reuters reported. The Russian rouble, having experienced a depreciation of over 20% against the US dollar since the commencement of the Ukraine conflict, exhibited a 0.2% decline, settling at a rate of 97.82 against the dollar. On Monday, the currency reached a point close to its lowest value in 17 months, reaching 101.75, and briefly exhibited a trading rate of 92.60 on the following Tuesday morning, displaying considerable volatility as market response followed the unexpected intervention by the central bank.

Russia's central bank hiked its key interest rate by 350 basis points to 12% on Tuesday, an emergency rate move to try and halt the rouble's weakening past 100 to the dollar after a public call from the Kremlin for tighter monetary policy. The extraordinary rate meeting came after the rouble plummeted past the 100 threshold against the dollar on Monday, dragged down by the impact of Western sanctions on Russia's balance of trade and as military spending soars. President Vladimir Putin's economic adviser Maxim Oreshkin on Monday rebuked the central bank blaming what he called its soft monetary policy on the weakening rouble.

The Russian ruble has reached its lowest value since the early weeks of the war in Ukraine as Moscow increases military spending and Western sanctions weigh on its energy exports

New Delhi: The union ministry of finance has increased the windfall tax on sale of locally produced crude oil to ₹7,100 per tonne. For the past two weeks, the windfall tax on domestically produced crude oil was ₹4,250 per tonne. The increase would come into effect from 15 August.

Russia announced Monday that it had dispatched a MiG-29 fighter jet to «prevent a violation» of its border by a Norwegian military patrol aircraft over the Barents Sea. «As the Russian fighter approached, the foreign military plane made a U-turn away from the borders of the Russian Federation,» the Russian defence ministry said. «There was no violation of the border,» the statement added, identifying the Norwegian aircraft as a P-8A Poseidon patrol plane. The defence ministry said its flight was carried out in accordance with international rules, «without crossing air routes or making dangerous rapprochement.»NATO member Norway shares a land border with Russia as well as a maritime border in the Barents Sea.

LONDON (Reuters) — Sanctions-hit Alrosa kept diamond sales in the first half of 2023 at the year-ago levels, the Russian company said on Monday as it reported financial results for the first time since Moscow's 2022 invasion of Ukraine.

By Alexander Marrow

MOSCOW (Reuters) — Russia's central bank will hold an extraordinary meeting on Tuesday to discuss the level of its key interest rate, it said on Monday, as the sharply weakening rouble prompted calls for higher borrowing costs.

Keeping other aspects of the economy aside, let us have a glance at how the Indian rupee from being a relatively weak currency started its journey toward internationalisation. The value of a country's currency and its usage for global trade are among the key indicators for gauging its economic stride. Banks from 22 countries have opened special Rupee vostro accounts in Indian banks in order to trade in local currency as part of gradual de-dollarisation plans, the Parliament was informed during the just concluded monsoon session of Parliament.

The Russian ruble has reached its lowest value since the early weeks of the war in Ukraine as Western sanctions weigh on energy exports and weaken demand for the national currency.

MOSCOW (Reuters) -President Vladimir Putin's economic adviser rebuked the central bank on Monday as the rouble slid past 101 per U.S. dollar, blaming its 30% year-to-date slump on loose monetary policy and revealing growing discord among Russia's monetary authorities.

India can be a trusted supply chain partner of Taiwan, which leads in hi-tech manufacturing in the Asian region, remarked Edison Hsu, Director, Taipei World Trade Center Liaison Office in Mumbai at an interactive meeting organized for an in-bound Taiwan Trade Mission at WTC Mumbai. Notably, India ranks as Taiwan’s 14th largest export destination and 18th largest source of imports. Bilateral trade between the two countries totaled US$8.45 billion in 2022, representing an increase of 9.8% over the previous year.

The Russian rouble fell past the psychologically key 100 per U.S. dollar threshold for the first time since March last year on Monday.

Poland has detained two Russian citizens who were «distributing propaganda materials of the Wagner Group» in Warsaw and Krakow, the two biggest Polish cities, the interior minister said Monday. «Both were charged with… espionage and arrested,» Mariusz Kaminski said on X, the former Twitter, without providing further details about the detained men.

Mangalore Refinery and Petrochemicals Ltd plans to phase out fuel exports in the next two to three years as it expands its local retail network to diversify its sources of revenue, its managing director said.MRPL, a subsidiary of state-controlled Oil and Natural Gas Corp, operates a 300,000 barrel-per-day coastal refinery in southern Karnataka state, mostly supplying the state refiners that own about 90% of India's retail fuel stations and exporting the remainder.Sanjay Varma told Reuters that MRPL plans to expand its retail outlets in southern India to 1800 by 2027 from about 71 now. «When refining margins are low (retailers) make a handsome profit because marketing margins are good.

Defence Minister Li Shangfu will visit Russia and Belarus this week, his ministry said on Monday, as relations between Beijing and Moscow flourish with high-level visits and phone calls. Ties have remained warm in recent years, with China refusing to speak out against Russia's widely condemned invasion of neighbouring Ukraine.