According to data published by Alpari Russia, trading volumes at the Russian brokerage increased by a mere 3.5% in October when compared to last month’s solid rebound in tandem with the broad industry. The broad weakness of the Russian economy is starting to weigh on the pockets of the average consumer.
Trading volumes totaled above $108 billion in October, and while the number remains solid the increases across other major retail brokerages have marked much starker increases.
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The company continued expanding its offerings to clients last month, offering 7 new currency pairs for the fx.option accounts for trading binary options, including the EUR/GBP, USD/CAD and USD/RUB.
Subdued activity on the Russian market comes as no surprise as the local population’s purchasing power has been substantially eroded in recent months after the imposition of sanctions by the European Union and the retaliation from the Russian government which has led to drastically higher food prices.
The Bank of Russia was forced to abandon its efforts to defend the Russian ruble with open market operations, and instead has taken measures to stabilize the currency by limiting ruble liquidity and cutting the size of its FX swap offers to banks to a maximum of only $2 billion a day until the end of this month.