Rouble surges unabated as Russia mulls looser capital controls

The rouble’s blistering rebound picked up pace on Monday, ratcheting up pressure on Russia to ease a key capital-flow control that’s underpinned the currency’s recovery. With the gains now threatening to hurt budget revenue and exporters, a decision to cut the share of hard-currency earnings that exporters convert into roubles could come as early as this week, according to two people familiar with the matter.

8550 against the dollar, poised for its strongest close since April 2018. Sanctions on the central bank’s reserves mean it can’t conduct the foreign-exchange purchases it did regularly before the invasion. The Tass news service first reported the plans to reduce the requirement for mandatory sales by exporters. “The rouble is solely trade-driven, and we are probably sitting at the peak of the current-account surplus,” Tatha Ghose of Commerzbank wrote in a note Monday.

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