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Markets

Russia's rouble weakens on lower oil after Fed comments

Published Updated

imageMOSCOW: Russia's rouble weakened at Thursday opening, hurt by falling oil prices and low global risk appetite after comments by the Federal Reserve head on Wednesday failed to inspire markets.

At 0745 GMT, the rouble was 0.6 percent weaker against the dollar at 79.01 and had lost 0.4 percent to 89.15 versus the euro.

Brent crude oil, a global benchmark for Russia's main export, was down 0.6 percent at $30.66 a barrel on worries about a global economic slowdown.

Analysts at Rosbank said Wednesday's speech by Janet Yellen, head of the Federal Reserve, on a gradual increase in US interest rates did not differ from earlier statements.

"In the absence of new information the rouble and its competitors can take the signal from the Fed in a neutral-negative way," they said.

Russian share indexes were also down. The dollar-denominated RTS index was down 2.1 percent to 682 points, while the rouble-based MICEX traded 1.1 percent lower at 1,711 points.

Copyright Reuters, 2016

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