Rouble stabilises near 2020 highs, MOEX nears all-time peak

MOSCOW: The Russian rouble was steady on Monday in the vicinity of its 2020 highs, enjoying support from high oil prices that also paved the way for the MOEX stock index to head back to a record peak it touched this month.

At 0724 GMT, the rouble was 0.1% stronger against the dollar at 72.16, moving closer to 71.55, its strongest level since late July it touched earlier in June.

Versus the euro, the rouble added 0.1% to 86.17.

"This week's most anticipated events are the OPEC meeting on Thursday and the US labour report on Friday," VTB Capital said in a note.

Oil prices hit and then recoiled from highs last seen in October 2018 as investors eyed the outcome of this week's OPEC+ meeting. Brent crude oil, a global benchmark for Russia's main export, was down 0.1% at $76.10 a barrel.

Gains in the rouble were limited by lingering political concerns about Russia's relations with the West.

Last week, Russia said it had dropped bombs in the path of the British destroyer Defender as it was passing by Crimea, a peninsula Moscow annexed in 2014, in what Russia considered an incursion into its waters.

Britain said Defender had sailed through waters belonging to Ukraine, and that any shots fired had been part of a pre-announced Russian gunnery exercise. It said no bombs had been dropped.

"On the geopolitical front, tension remains over the Black Sea affair albeit any escalation is likely to be a war of words," BCS Brokerage said.

In stocks, the rouble-based MOEX Russian index was up 0.2% at 3,840.2 points, near an all-time peak of 3,865.20 touched on June 15.

The dollar-denominated RTS index gained 0.3% to 1,676.6 points.