The Russian rouble and stocks followed global oil prices lower at the start of trading on Monday, with rising COVID cases in China weighing on markets.
At 0713 GMT, the rouble had lost 0.4% against the dollar at 60.75 and was flat against the euro, trading at 62.94 versus the euro.
In recent sessions the currency has been supported by a month-end tax period that sees Russian exporters convert their foreign currency earnings into roubles to pay local tax liabilities.
But any demand for the currency was being outweighed by a negative global outlook in trading on Monday morning.
Brent crude oil, a global benchmark for Russia’s main export, was down by 2.6% at $81.01 a barrel.
Russian rouble edges up in narrow trading range vs dollar
Oil prices have fallen by more than 17% in November with fears of an economic slowdown in Europe and the United States being compounded by rising COVID cases in China.
Against the Chinese yuan, the Russian currency was slightly higher, up 0.2% at 8.40. Russian stock indexes were also lower as investors fled from risky assets.
The dollar-denominated RTS index was down 1.1% to 1,129.1 points.
The rouble-based MOEX Russian index was 0.9% lower at 2,176.3 points.
Analysts said poor sentiment was likely to continue weighing on the Russian market through the week.
“The deterioration of investor sentiment towards risky assets … and a significant drop in oil prices will put pressure on the Russian market, which will lead to further declines,” Banki.ru chief analyst Bogdan Zvarich wrote in a research note.
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