Rouble at one-week low vs dollar ahead of OPEC+ meeting

MOSCOW: The Russian rouble fell to a one-week low against the dollar and two-week lows versus the euro on Monday, under pressure from a decline in other emerging market currencies and lower oil prices, as investors awaited an OPEC+ meeting.

At 0732 GMT, the rouble was 0.4pc weaker against the dollar at 76.17 after briefly touching 76.3975, its weakest level since Nov. 23.

The rouble is likely to stay in the range of 75-77.5 in the next few days, said Bogdan Zvarich, chief analyst at Promsvyazbank.

Versus the euro, the rouble fell 0.5pc to 91.15 , a level last seen on Nov. 16.

OPEC and allies including Russia are set to hold key meetings on Monday and Tuesday.

Major oil producers are leaning towards delaying next year's planned increase in oil output to support the market during the second wave of COVID-19, sources said.

Crude oil prices fell on Monday ahead of the meeting but vaccine hopes helped keep them on track for a rise of more than a fifth in November.

Brent crude oil, a global benchmark for Russia's main export, was down 2pc at $47.20 a barrel, sending Russian stock indexes lower.

The dollar-denominated RTS index was down 0.5pc at 1,295.4 points. The rouble-based MOEX Russian index was 0.3pc lower at 3,131.7 points.

Shares in Sberbank, Russia's largest lender, were down 0.7pc ahead of the bank's presentation of its future strategy.

Sberbank expects its non-banking business to reach 5pc of its revenues in 2023 and as much as half in a decade, as it focuses on e-commerce and other online ventures, sources told Reuters.