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Markets

Russian rouble eases after overnight jump, stocks inch higher

  • The rouble was 0.3% weaker against the dollar at 73.61 and lost 0.2% to trade at 86.34 versus the euro, staying within the 86-87 range held since Aug. 3
12 Aug 2021

MOSCOW: The Russian rouble eased in early trade on Thursday, looking for new momentum amid slightly lower oil prices, while stock indexes climbed.

At 0705 GMT, the rouble was 0.3% weaker against the dollar at 73.61 and lost 0.2% to trade at 86.34 versus the euro, staying within the 86-87 range held since Aug. 3.

The rouble partly pared its sharp gains from Wednesday when it moved away from its weakest point since late July of 74.1425 to finish the day at 73.3650.

Rouble stabilises, shares in major state banks rally

"The rouble was among the best EM FX performers yesterday, along with the South African rand and the Mexican peso, which gained 1.0% and 0.8%, respectively," VTB Capital said.

The Russian currency has chances to firm to 73 against the dollar later in the day given the external backdrop and expectations for a recovery in oil prices, Promsvyazbank said in a note.

Following two days of gains, Brent crude oil, a global benchmark for Russia's main export, eased 0.1% to $71.35 a barrel after top oil consumer the United States called for major producers to boost output.

Russian stock indexes rose with the dollar-denominated RTS index up 0.2% to 1,659.8 points. The rouble-based MOEX Russian index was 0.1% higher at 3,879.2 points.

Depository receipts in London-listed retailer Fix Price gained 1.3% on the Moscow Exchange, outperforming the broader market after the company announced plans to pay interim dividends amid a 9% increase in six-month net profit.

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