MOSCOW: The rouble rose early on Thursday, recouping losses from late on Wednesday when dealers said the Russian currency had fallen excessively on declining oil prices.
At 0729 GMT, the rouble was 0.7 percent stronger against the dollar at 67.73 and had gained 0.9 percent to trade at 76.72 versus the euro.
A currency dealer at a Russian bank said the rouble was at attractive levels first thing on Thursday after falls on Wednesday.
The Russian currency has been moving in line with global oil prices for weeks.
But on Thursday it rose despite Brent crude oil, a benchmark for Russia's main export, edging down 0.9 percent to around $38.9 a barrel.
After the market rebalances, analysts said they expected the Russian currency to continue to track oil.
"If oil is stable we don't expect large moves in either direction," analysts at ING Bank said in a note.
Russian share indexes were lower on Thursday, in line with the day's moves in oil.
The dollar-denominated RTS index was down 0.7 percent to 863 points, while the rouble-based MICEX was 0.6 percent lower at 1,856 points.
Comments
Comments are closed for this article.