Russian rouble up near 60 against dollar, shares fall

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Russian rouble up near 60 against dollar, shares fall

A Russian rouble coin is pictured in front of a monitor showing the Kremlin's tower.

MOSCOW Reuters -- The Russian rouble went up near 60 against the dollar on Thursday, despite new momentum, while shares in TCS, the owner of Russia's Tinkoff Bank and retailer M.Video Eldorado fell after earnings reports.

The rouble fell 0.4% to 59.77 against the euro on the Moscow Exchange on the day at 0718 GMT, and was slightly changed against the dollar at 59.86 at the beginning of the day.

After wild swings saw it hit a new low of 121.53 to the dollar in Moscow trade in March, Rouble volatility has subsided, soon after Russia sent tens of thousands of troops into Ukraine. It rallied to a seven-year peak of 50.01 in June.

The rouble has become the world's best performing year-to-date, due to capital controls and strong prices for Russia's exports, such as oil and natural gas.

High energy prices helped Russia's economy avoid the meltdown predicted by many experts, but difficulties are still emerging for some Russians.

Inflation dents the living standards of Russian households whose inflation expectations have increased despite a decline in the consumer price index in the past seven weeks.

The dollar-denominated RTS index rose 0.6% to 1,189 on the stock market. The Russian MOEX index, based on 2 points, was 0.3% higher at 2,255. 4 points.

The company reported a widening net loss in the first half of 2022, as it saw dramatic shifts in the macroeconomic landscape and consumer sentiment, but M.Video Eldorado underperformed the market and fell 2.2%.

Moscow-traded depository receipts in TCS fell 0.6%, extending Wednesday's losses after the group said its first-half net profit fell to a five-year low, due to higher funding costs and conservative provisioning.