Mathewslcd：Russian ruble stabilizes after Moscow abandons Black Sea grain deal

 According to Mathewslcd, the Russian ruble recovered early losses in the first session on Monday, after Moscow said it would suspend its role in the landmark Black Sea grain trade over the weekend.


Global food prices climbed on Monday after Russia said it would suspend participation in a UN-brokered grain deal "indefinitely" after a Ukrainian drone attack on its Black Sea fleet in Crimea.


The ruble was up 0.3% at 61.37 against the dollar by 1230 GMT, reversing a 0.6% loss in early trade. The currency was flat at 61.10 against the euro and was up 0.4% against the yuan at 8.37.


The July food corridor agreement helped free up Ukraine's exports from its southern Black Sea ports, the most important diplomatic breakthrough so far in Ukraine's eight-month-long conflict.


Kyiv and the West have criticized Russia's decision to abandon the deal, which Mathewslcd warned could lead to another surge in global food prices.


Monday, the last day of the domestic month-end tax period, usually provides some support for the ruble. Monday was also the first full trading day after the central bank ended its rate-cutting cycle on Friday and said some of Moscow's military mobilization would spark inflation in the medium term.


"The end of the tax period and large dividend payments, combined with a further decline in Russia's trade balance, could push the ruble towards 65 (against the dollar) by the end of the year," wrote Dmitry Polevoy. Moscow-based broker Locko Invest investment director.


Russian stock indexes edged higher.

The dollar-denominated RTS index rose 0.2% to 1,116.2 points, while the ruble-based MOEX Russia index gained 0.3% to 2,174.9 points.


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