Russian rouble firms again as Brent crude tops $40/bbl
- At 0747 GMT, the rouble was up 0.9pc against the dollar at 68.52, nearing its strongest level since March 6 of 68.21 it touched on Wednesday.
- Oil prices rose on Friday as traders await cues from a meeting that could take place as soon as this weeken
MOSCOW: The Russian rouble firmed on Friday, heading towards a three-month hit earlier this week, as prices for Brent crude oil, a global benchmark for Russia's main export, returned to levels above $40 per barrel.
At 0747 GMT, the rouble was up 0.9pc against the dollar at 68.52, nearing its strongest level since March 6 of 68.21 it touched on Wednesday.
Against the euro, the rouble gained 0.7pc to trade at 77.83.
Oil prices rose on Friday as traders await cues from a meeting that could take place as soon as this weekend, where major oil producers will discuss whether to extend record production cuts.
Brent crude oil was up 2.1pc at $40.85 a barrel.
On Friday, Russian Central Bank Governor Elvira Nabiullina is widely expected to shed light on the rate-setting decision due on June 19 at an online media conference scheduled for 1200 GMT.
Nabiullina is likely to confirm the central bank's readiness to cut the key rate more decisively, said Nordea Bank.
Later in the day, the "Friday factor" may limit gains in the rouble as demand for dollars is expected to increase ahead of the weekend when markets will be closed, Alor brokerage said in a note. Russian stock indexes were up.
The dollar-denominated RTS index rose 1.8pc to 1,279.8 points.
The rouble-based MOEX Russian index was 0.6pc higher at 2,783.2 points.
Comments
Comments are closed.