The dividend payout period ending in the Russian market in August is generally neutral for the ruble, but exchange rate fluctuations seen in June and July could be partly caused by this factor, the Russian Central Bank said in a document.
MOSCOW (Pakistan Point News / Sputnik - 17th August, 2018) The dividend payout period ending in the Russian market in August is generally neutral for the ruble, but exchange rate fluctuations seen in June and July could be partly caused by this factor, the Russian Central Bank said in a document.
"The period of payment of dividends comes to an end in the Russian market in late July-early August. This year, the volume of approved dividends was approximately 30 percent higher than the previous year's payments. Large dividend payments can lead to a significant change in the ruble exchange rate," the document said.
In June-July, the Russian Currency saw numerous fluctuations, trading between 61.8 rubles per US Dollar to 64 rubles.
Last week, the Russian ruble sank to multi-month lows on Moscow Exchange (MOEX) after the introduction of new US sanctions against Russia. On Sunday, the US dollar traded at 67.7 rubles, while the euro traded at 77.2 rubles, according to MOEX figures.
