MOSCOW: The Russian rouble held steady against both the US dollar and the Chinese yuan on Thursday as increased forex sales and higher oil prices offset the impact of US energy sanctions.
The rouble traded at 102.60 to the dollar at 0945 GMT, unchanged from the previous day, over-the-counter market data showed. The rouble was flat at 13.83 against the yuan in trading on the Moscow Stock Exchange (MOEX).
Under a complex scheme of market operations the central bank buys and sells yuan, the only major foreign currency it can now hold, increasing the net sales when necessary to ensure sufficient supply of the currency on the market.
Rouble slips against China’s yuan amid weak forex sales
Net sales of the yuan by the central bank have increased by almost one third since Jan. 15, providing support for the rouble and countering the impact of the US energy sanctions, imposed last week.
Prices for oil, Russia’s main export commodity, steadied on Thursday a day after settling at multi-month highs.
One-day rouble/dollar futures, which trade on MOEX and are a guide for the over-the-counter exchange rate, were also flat at 103.65.
The Russian central bank set the official exchange rate at 102.81.
Comments
Comments are closed for this article.