Russian Rouble Dips to 100 to Dollar as Trump Declares Election Win

The US Embassy with a US national flag, seen behind a building with a Russian national flag in Moscow, Russia, Tuesday, Nov. 5, 2024. (AP Photo/Alexander Zemlianichenko)
The US Embassy with a US national flag, seen behind a building with a Russian national flag in Moscow, Russia, Tuesday, Nov. 5, 2024. (AP Photo/Alexander Zemlianichenko)
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Russian Rouble Dips to 100 to Dollar as Trump Declares Election Win

The US Embassy with a US national flag, seen behind a building with a Russian national flag in Moscow, Russia, Tuesday, Nov. 5, 2024. (AP Photo/Alexander Zemlianichenko)
The US Embassy with a US national flag, seen behind a building with a Russian national flag in Moscow, Russia, Tuesday, Nov. 5, 2024. (AP Photo/Alexander Zemlianichenko)

The Russian rouble briefly weakened to 100 against the dollar on Wednesday as Donald Trump claimed victory in the US presidential election, a result that could push the U.S. currency higher.
Trump claimed victory in the 2024 presidential contest after Fox News projected that he had defeated Democrat Kamala Harris, which would cap a stunning political comeback four years after he left the White House.
By 0737 GMT, the rouble was 0.2% weaker against the dollar at 98.00, earlier touching 100.25, close to its weakest point in over a year, Reuters reported.
The rouble was steady against the yuan at 13.73, according to LSEG data, and gained 1.2% to 105.6 against the euro.
Analysts generally assume Trump's plans for restricted immigration, tax cuts and sweeping tariffs if enacted would put more upward pressure on inflation and bond yields, than Harris' center-left policies.
Trump's proposals would also tend to push up the dollar and potentially limit how far US interest rates might ultimately be lowered. Trump has also criticized the level of US military support for Ukraine and has pledged to end the conflict soon.
Western sanctions imposed on the Moscow Exchange (MOEX) and its clearing agent, the National Clearing Center, on June 12 stopped all trade in dollars and euros at MOEX, making the yuan the most-traded foreign currency in Russia.
Trade in dollars and euros has shifted to the over-the-counter (OTC) market, obscuring price data.
One-day rouble-dollar futures, which trade on the Moscow exchange are a guide for OTC market rates. The central bank's official exchange rate, which it calculates using OTC data, was last set at 98.06 to the dollar.



UAE, Australia Sign Comprehensive Economic Partnership Agreement

UAE Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi (L) and Australian Minister for Trade and Tourism and Special Minister of State Don Farrell shake hands during the signing of the Australia-UAE Trade Agreement at Parliament House in Canberra, Australia, 06 November 2024.  EPA/LUKAS COCH
UAE Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi (L) and Australian Minister for Trade and Tourism and Special Minister of State Don Farrell shake hands during the signing of the Australia-UAE Trade Agreement at Parliament House in Canberra, Australia, 06 November 2024. EPA/LUKAS COCH
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UAE, Australia Sign Comprehensive Economic Partnership Agreement

UAE Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi (L) and Australian Minister for Trade and Tourism and Special Minister of State Don Farrell shake hands during the signing of the Australia-UAE Trade Agreement at Parliament House in Canberra, Australia, 06 November 2024.  EPA/LUKAS COCH
UAE Minister of State for Foreign Trade Dr Thani bin Ahmed Al Zeyoudi (L) and Australian Minister for Trade and Tourism and Special Minister of State Don Farrell shake hands during the signing of the Australia-UAE Trade Agreement at Parliament House in Canberra, Australia, 06 November 2024. EPA/LUKAS COCH

The United Arab Emirates and Australia have signed a Comprehensive Economic Partnership Agreement (CEPA) hat removes or reduces tariffs, lifts barriers to trade and enhances market access, UAE Minister of State for Foreign Trade Thani Al Zeyoudi said on X on Wednesday.

It aims to boost the bilateral trade threefold from $4.23 billion in 2023 to $15 billion by 2032, the minister said.

The UAE and Australia finalized negotiations on CEPA in September.

The signing of the agreement built on the growing economic relations between the UAE and Australia, with bilateral non-oil trade reaching US$2.3 billion in H1 2024, an increase of 10 percent from H1 2023.

The UAE is Australia’s leading trade partner in the Middle East and its 20th largest partner globally. As of 2023, the two countries have also committed a combined $14 billion to each other’s economies, with more than 300 Australian businesses operating in the UAE in sectors such as construction, financial services, agriculture, and education.

A CEPA with Australia will be a significant addition to the UAE's foreign trade network, which is helping to propel non-oil foreign trade towards its target of $1.1 trillion by 2031.