MOSCOW: The Russian rouble opened 0.2 percent firmer against US dollar on Wednesday, buoyed by a rebound in global prices for oil, Russia's key export.
As of 0740 GMT, the rouble was 0.5 percent stronger against the dollar at 70.9 and gained 0.7 percent to trade at 77.5 versus the euro.
Brent crude oil, a global benchmark for Russia's main export, was up 1 percent at $36.50 a barrel.
Brent crude touched an 11-year low on Tuesday but rebounded late in the day after the American Petroleum Institute, an industry trade group, released data showing an unexpected drop in stockpiles.
The United States on Tuesday expanded sanctions on Russia as part of its efforts to pressure Moscow for its role in the Ukraine crisis, the move described by the Kremlin as the continuation of an "unfriendly stance".
Rosbank said in a note that the expansion of US sanctions was unlikely to become "bad news" for Russia's money market, because its direct effect on the domestic economy and the rouble exchange rate was minimal.
"It can still spoil the political backdrop in the next few months, given the impasse in resolving the Ukraine crisis," Rosbank said in a morning note.
The dollar-denominated RTS index was up 0.9 percent to 769.9 points, while its rouble-based peer MICEX traded 0.5 percent higher at 1,731 points.
Comments
Comments are closed for this article.