Russian rouble firms to 73 vs dollar ahead of OPEC+ meeting

MOSCOW: The Russian rouble firmed on Wednesday ahead of the OPEC+ policy meeting where the world's largest oil producers will decide whether to extend existing curbs on production.

At 1235 GMT, the rouble gained 0.2% to 73.05 after touching the 73 threshold for the first time since Aug. 6.

The rouble was little changed versus the euro at 86.41 .

"The rouble appears set to firm to 73 on the positive external backdrop," Sberbank CIB said in a note

The Organization of the Petroleum Exporting Countries (OPEC), Russia and allies, together called OPEC+, are due to meet on Wednesday at 1500 GMT.

Market volatility in Russia decreased ahead of the OPEC+ meeting where, as sources told Reuters, the group is likely to roll over existing policies despite pressure from the United States to pump more oil.

The finance ministry's weekly auctions of OFZ treasury bonds are on the radar as they usually have a positive impact on the Russian currency.

Russian rouble eases after overnight jump, stocks inch higher

The market will be also watching for a set of data from the Russian statistics service, including retail sales, wages and unemployment, for clues on further steps by the Russian authorities.

The Russian central bank is expected to raise rates for the fifth time this year on Sept. 10 in an attempt to rein in stubbornly high inflation, a Reuters poll showed on Tuesday.

Brent crude oil, a global benchmark for Russia's main export, was up 0.3% at $71.83 a barrel, buttressing Russian stocks.

The dollar-denominated RTS index rose 1% to 1,701.5 points. The rouble-based MOEX Russian index was 0.7% higher at 3,944.7 points, stepping closer to its all-time high of 3,949.07 it hit on Aug. 18.

The MOEX index is expected to stay within a range of 3,900-3,950 on Wednesday, Promsvyazbank analysts said.

Shares in gold producer Petropavlovsk outperformed the broader market by gaining 5.6% on the day after its six-month earnings report.