MOSCOW: The rouble firmed past 90 against the dollar in Moscow trade on Monday, a near one-month high, while Russian stocks extended their slide lower on the third session of trading after an almost month-long suspension.
The Russian market is gradually reopening after a suspension caused by sweeping Western sanctions that followed the beginning of what Russia calls “a special operation” in Ukraine on Feb. 24.
Russian stocks and bonds resumed trading in full on Monday, albeit for a curtailed timeframe and with various restrictions, including a ban on short-selling, still in place. Non-residents are barred from selling stocks and OFZ rouble bonds until April 1.
By 1530 GMT, the rouble gained 7.7% to 89.10 to the dollar, its strongest level since March 1.
The rouble has gained support from conditions of continuing capital controls and the absence of serious sanctions tightening, said Dmitry Polevoy, head of investment at Locko-Invest.
But the rouble was weaker on the EBS electronic platform, hovering at 96 to the dollar.
The rouble had gained 7.1% to trade at 98 versus the euro, a one-month high.
Investors are watching the outcome of peace talks between Russia and Ukraine that may get under way in Turkey on Tuesday.
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