The Russian rouble fell in early trade on Monday, retreating from a near five-week high against the dollar reached last Friday, while the Moscow Exchange (MOEX) stock index rose to levels recorded before Russia committed hundreds of troops into Ukraine. The market was keeping an eye on events surrounding Russia's "special military operation" in Ukraine, which began on February 24, as well as the possibility of further western sanctions against Moscow, on top of the previously imposed exceptional penalties.
On Monday, French President Emmanuel Macron stated that a new round of sanctions on Russia was required. The rouble was down 0.2 percent against the dollar at 84.10 during the day, having reached its highest level since February 23 of 80.3325 on Friday.
The rouble gained 0.2 percent against the euro to trade at 92.83, down from an all-time high of nearly 132.42 achieved on March 10 in Moscow trade. Capital controls and President Vladimir Putin's demand that European customers of Russian natural gas pay in roubles have boosted the rouble in recent weeks.
However, when the prospect of a supply suspension faded, Europe pledged to stand united against Moscow's demand that they pay for their gas in roubles. The rouble is projected to trade in a range of 80-90 to the dollar during the next two weeks, according to Promsvyazbank analysts.
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