MOSCOW: The Russian rouble weakened in light trade on Monday after the finance ministry said it would increase daily purchases of foreign currency in the coming month, while stock indexes were slightly higher.
At 1432 GMT, the rouble was 0.4% weaker against the dollar at 73.51 and shed 0.3% to 87.19 versus the euro.
Trading activity was subdued because of a public holiday in the United States.
“We believe that - absent a serious correction in the global stock markets and the oil market, as well as in the current geopolitical environment - the rouble will remain stable in the current range of 72-74 versus the dollar,” BCS Brokerage said.
The rouble is set to face more downside pressure from the finance ministry that will increase its daily buying of foreign currency for state coffers in July. But the Russian currency is likely to see support from the central bank that is widely expected to raise rates again this month, from 5.5%, to rein in inflation. The dollar-denominated RTS index was up 0.07% to 1,660.8 points. The rouble-based MOEX Russian index was 0.3% higher at 3,875.8 points.
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