AGL 38.15 Increased By ▲ 0.90 (2.42%)
AIRLINK 121.51 Decreased By ▼ -2.51 (-2.02%)
BOP 5.85 Increased By ▲ 0.23 (4.09%)
CNERGY 3.75 Increased By ▲ 0.03 (0.81%)
DCL 8.40 Increased By ▲ 0.15 (1.82%)
DFML 40.89 Increased By ▲ 0.62 (1.54%)
DGKC 84.60 Decreased By ▼ -1.14 (-1.33%)
FCCL 32.70 Increased By ▲ 0.10 (0.31%)
FFBL 65.50 Decreased By ▼ -1.00 (-1.5%)
FFL 10.05 Decreased By ▼ -0.11 (-1.08%)
HUBC 103.80 Increased By ▲ 0.70 (0.68%)
HUMNL 13.25 Decreased By ▼ -0.15 (-1.12%)
KEL 4.43 Increased By ▲ 0.18 (4.24%)
KOSM 7.09 Decreased By ▼ -0.09 (-1.25%)
MLCF 37.50 Decreased By ▼ -0.80 (-2.09%)
NBP 60.25 Decreased By ▼ -4.76 (-7.32%)
OGDC 172.25 Decreased By ▼ -1.55 (-0.89%)
PAEL 24.80 Decreased By ▼ -0.10 (-0.4%)
PIBTL 5.70 Decreased By ▼ -0.10 (-1.72%)
PPL 141.69 Decreased By ▼ -1.01 (-0.71%)
PRL 22.72 Decreased By ▼ -0.26 (-1.13%)
PTC 14.74 Decreased By ▼ -0.37 (-2.45%)
SEARL 64.56 Decreased By ▼ -0.79 (-1.21%)
TELE 7.14 Increased By ▲ 0.14 (2%)
TOMCL 35.50 Decreased By ▼ -1.41 (-3.82%)
TPLP 7.29 Decreased By ▼ -0.05 (-0.68%)
TREET 14.20 Decreased By ▼ -0.08 (-0.56%)
TRG 51.75 Increased By ▲ 2.05 (4.12%)
UNITY 26.60 Increased By ▲ 0.45 (1.72%)
WTL 1.22 Decreased By ▼ -0.02 (-1.61%)
BR100 9,483 Decreased By -118.3 (-1.23%)
BR30 28,371 Decreased By -202.1 (-0.71%)
KSE100 88,967 Decreased By -1319.8 (-1.46%)
KSE30 27,827 Decreased By -515.9 (-1.82%)
Markets

Rouble retreats from highs as oil, EM currencies slip

  • At 1038 GMT, the rouble was 0.6pc weaker against the dollar at 69.07, moving away from the three-month high it hit in the previous day, and had lost 0.3pc to trade at 77.40 versus the euro.
  • Prices for Brent crude oil, a global benchmark for Russia's
Published June 4, 2020

MOSCOW: The Russian rouble slipped against the US dollar on Thursday, dragged down by falling oil prices and tracking other emerging-market currencies retreating from highs.

At 1038 GMT, the rouble was 0.6pc weaker against the dollar at 69.07, moving away from the three-month high it hit in the previous day, and had lost 0.3pc to trade at 77.40 versus the euro.

Oil prices dropped on Thursday, reversing gains in the previous session, because of concern over whether major crude producers will agree to extend output cuts.

Prices for Brent crude oil, a global benchmark for Russia's main export, was down 1.6pc at $39.17 a barrel by 0729 GMT.

Despite slipping on Thursday, analysts say the rouble has benefited from investor optimism regarding economic re-openings and economic recovery as lockdown measures to contain the spread of the novel coronavirus begin to be lifted.

"The rouble has strengthened recently as the lifting of pandemic restrictions globally has fueled recovery hopes," Tilmann Kolb, an analyst at UBS Global Wealth Management, said in a note.

"We expect these dynamics to drive further, more measured RUB strength."

Markets are awaiting Friday's US Labor Department jobs report for May, which is expected to show the unemployment rate reaching a post-World War Two high.

On Wednesday, a report showed US private payrolls fell less than expected in May, suggesting layoffs were abating as businesses re-open.

Investors are also focused on a European Central Bank meeting later on Thursday, where policymakers are likely to step up stimulus measures.

Russian stock indexes were trading lower.

The dollar- denominated RTS index was down 1.4pc to 1,283.5 points.

The rouble-based MOEX Russian index was 0.7pc lower at 2,812.4 points.

Comments

Comments are closed.