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\n Share:<\/span><\/p>\n Russian Ruble prints the first daily loss in five around 93.55 as it bounces off the three-week low marked the last Thursday heading into Monday\u2019s European session. In doing so, the USD\/RUB pair reverses the first weekly fall in five as the US Dollar regains upside momentum after pausing the Greenback bulls on Friday. It\u2019s worth noting that the Central Bank of Russian Federation\u2019s (CBR) surprise rate hike and cautious mood ahead of this week\u2019s top-tier data\/events fail to inspire Russian Ruble buyers, especially amid downbeat concerns about Russia and the global economy.<\/p>\n USD\/RUB recovers from a three-week low as market players consolidate the CBR-inflicted losses amid the cautious mood ahead of the August month Purchasing Managers Indexes (PMIs) and China news, as well as the top-tier central bankers\u2019 speeches at the annual Jackson Hole Symposium event.<\/p>\n Also exerting downside pressure on the Russian Ruble are market chatters that the nation braces for more supply-chain actions to lift the struggling currency after the CBR\u2019s heavy rate hike of 3.5% failed to keep the USD\/RUB down for a long time.<\/p>\n Additionally, the Financial Times (FT) reported during the weekend that China indirectly pushes for competition with the Group of Seven (G7) nations while marking its presence at the BRICS meeting where officials from Brazil, Russia, India, China and South Africa spoke, signaled. Given the Sino-Russian ties, the Dragon Nation may gain support from Moscow for the proposed measures, which in turn can escalate the global trade wars and propel the US Dollar\u2019s haven demand, especially amid the firmer US Treasury bond yields.<\/p>\n It should be noted that China\u2019s failure to bolster market confidence via monetary and fiscal measures also puts a floor under the USD\/RUB prices.<\/p>\n\n
Russian Ruble stays weak despite CBR rate hike<\/h2>\n