MOSCOW: The Russian rouble was little changed early on Thursday as analysts said oil price moves would continue to determine its trajectory.
At 0727 GMT, the rouble was 0.1 percent weaker against the dollar at 66.32 but was 0.1 percent stronger at 73.85 versus the euro.
Brent crude oil, a global benchmark for Russia's main export, was down 0.2 percent at around $43 a barrel following strong gains on Wednesday that helped lift the rouble.
"At the moment we aren't seeing reasons for the rouble to tear itself away from external factors," Rosbank analysts said in a note.
"We expect the national currency will stay in the range of 65-68 roubles per dollar if there isn't a further correction on the commodity markets."
The Russian currency is down around 0.5 percent against the dollar so far this week, weighed down by investors buying foreign currency after receiving rouble-denominated dividend payments.
The rouble has proved more resilient in recent weeks than oil prices, which fell steeply during July.
Bearish fundamentals on oil markets could mean pain is in store for Russian assets however.
Russian share indexes were slightly higher on Thursday, mirroring moves on Asian markets.
The dollar-denominated RTS index was up 0.7 percent to 917 points, while the rouble-based MICEX was 0.6 percent higher at 1,931 points.
Comments
Comments are closed for this article.