The Russian rouble edged up against the dollar and euro in early trading on Wednesday, as demand from exporters selling off foreign currency revenues offset lower oil prices.
By 0730 GMT, the rouble was 0.14% firmer against the dollar at 69.70, and up 0.19% against the euro at 74.76.
The rouble strengthened 0.25% against the Chinese yuan, trading at 10.25.
Brent crude oil, a global benchmark for Russia’s main export, fell 0.6% to $79.62 a barrel as economic uncertainty reignited worries about demand.
Having spent long periods last year as the world’s best-performing currency, the Russian rouble has been under pressure since December as a Western oil price cap and an EU embargo hit the country’s crude exports.
“On the whole, the situation is in favour of the Russian currency due to the shorter period for exporters converting foreign earnings for tax payments,” Otkritie Investment analyst Andrey Kochetkov said.
Russian rouble advances on first working day of 2023
Russian stock markets were up.
The dollar-denominated RTS index was up 0.59% at 980.25 by 07:45 GMT, while the rouble-based MOEX Russian index climbed 0.28% to 2,165.65.??
Comments
Comments are closed for this article.