October 25, 2018

Russian Ruble Rate Rise Caused by Misinterpreted Quote from Trump’s Advisor

RUBUSD and RUBEUR exchange rates rose sharply on Wednesday after Russian media agencies published a distorted quote from John Bolton, Prez. Trump’s national security advisor. According to Russian media he said the USA is not considering further sanctions against Russia, whereas in fact he did not say anything of a kind.

The reason for a rate spike was brought to light by Credit Suisse analyst Alexander Colandre and Russian website The Bell.

Around 3PM Moscow time the ruble rate started going up fast, in 20 minutes dollar lost almost 70 kopecks, euro lost 80 kopecks.

Interfax and TASS agencies quoted Bolton as saying that currently US is not considering additional sanctions against Russia. As it turned out later, Trump’s advisor said that the possibility of further sanctions is being discussed, according to Bloomberg news agency report.

Responding to The Bell’s query, Interfax spokesperson explained that the mistake was made by an interpreter at a press-conference in Baku, where Bolton addressed the journalists on Wednesday. Later in the day dollar and euro rates recovered.