MOSCOW: The rouble steadied on Monday and Russia’s benchmark stock index surged to a near seven-month high after OPEC+ oil producers announced further oil output target cuts of about 1.16 million barrels per day (bpd) that saw oil prices jump.
By 0804 GMT, the rouble-based MOEX Russian index was 0.9% higher at 2,472.4 points, reaching 2,481.59 points in early trade, its strongest mark since Sept. 6, 2022.
The dollar-denominated RTS index was up 0.6% to 1,002.6 points.
The United States called Sunday’s surprise output target cut by OPEC+, which groups the Organization of the Petroleum Exporting Countries with Russia and other allies, inadvisable.
Brent crude oil, a global benchmark for Russia’s main export, was up 5.8% at $84.6 a barrel, a near four-week high.
In a coordinated step, Russia said it would extend a voluntary cut of 500,000 bpd until the end of 2023.
Russia announced those cuts unilaterally in February following the introduction of Western price caps.
The rouble was 0.1% weaker against the dollar at 77.68 and was unchanged at 84.24 versus the euro. It had firmed 0.2% against the yuan to 11.26.
“Soaring oil should support the rouble, which has been quite weak over the last few weeks and is showing a desire to move towards the 80 mark,” said Alexei Antonov of Alor Broker. “So far, the rouble is not reacting to the oil positive.”
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Moscow Exchange, Russia’s largest bourse, on Monday said it was launching futures trading in Indian rupees and Emirati dirhams from April 4, part of a wider finance and trade shift by Moscow towards countries that have not imposed sanctions over Russia’s actions in Ukraine.
“We are seeing client requests for a fast response from the side of infrastructure due to the rapidly changing conditions on global markets,” said Maria Patrikeyeva, head of the exchange’s futures market, in a statement.
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