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Markets

Russian rouble moves lower in thin trade

Published Updated

imageMOSCOW: The Russian rouble moved lower in thin trade on Saturday, with many traders away from their desks as major international markets were closed.

Russian markets were open for an extra working day due to an upcoming public holiday.

At 0746 GMT, the rouble was 0.3 percent weaker against the dollar at 77.22 and had lost 0.7 percent to 86.19 versus the euro.

Brent crude oil, a global benchmark for Russia's main export, was not trading on Saturday. It closed around $33 on Friday, down 3.7 percent.

"Against the backdrop of Brent oil prices falling to $33 a barrel and the approaching three-day holidays, we expect another round of profit taking," analysts at BCS said in a note.

Russian markets will be closed on Sunday but open with certain restrictions on Monday, Feb. 22.

They are closed again on Tuesday, Feb. 23, Russia's Defender of the Fatherland public holiday. Most traders will only return to work on Wednesday, Feb. 24.

Russian share indexes edged higher on Saturday, following falls a day earlier.

The dollar-denominated RTS index was up 0.9 percent to 732 points, while the rouble-based MICEX was less than 0.1 percent higher at 1,794 points.

Copyright Reuters, 2016

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