Russian rouble slides vs dollar towards weakest since April

MOSCOW: The Russian rouble came under a new wave of selling pressure on Tuesday, heading towards levels last seen in April against the dollar, as lower risk appetite on emerging markets continued.

At 0745 GMT, the rouble was 0.4pc weaker against the dollar at 76.39, moving towards 76.5950, its lowest level since April which it hit earlier in September. Versus the euro, the rouble was steady at 89.58.

It had been as strong as 70 versus the euro and 61 against the dollar in early 2020.

President Vladimir Putin is also in focus as he is due to deliver a video address at the United Nations.

"Putin's messages traditionally have a material impact on the Russian market perception by overseas institutional investors," Alfa Bank said in a note.

Markets also watched the finance ministry that was set to reveal details of weekly OFZ government bond auctions due on Wednesday.

Such auctions are usually seen as a gauge of demand for Russian assets and sometimes buttress the rouble.

Brent crude oil, a global benchmark for Russia's main export, was up 0.2pc at $41.52 a barrel, after sharp overnight losses, as the latest tropical storm in the Gulf of Mexico lost strength, but worries about fuel demand persisted with flare-ups around the globe in coronavirus cases.

Russian stock indexes were up following a steep fall on Monday.

The dollar-denominated RTS index rose 0.7pc to 1,189.6 points.

The rouble-based MOEX Russian index was 0.7pc higher at 2,882.4 points.