MOSCOW: The Russian rouble weakened against the US dollar and euro on Wednesday in thin trading, with exporters having largely finished selling foreign currency for tax purposes.
The rouble was down 0.15% against the dollar at 91.80 at 0700 GMT and had lost 0.3% to 101.38 versus the euro.
Brent crude oil, a global benchmark for Russia’s main export, edged up by 0.1% to $81.15 a barrel as some major shippers prepared to resume passage through the Red Sea trade route despite continued attacks and broader Middle East tensions.
Bogdan Zvarich, analyst at Russian financial services online marketplace banki.ru, said support for the Russian currency from higher oil prices “might not be enough for the rouble to turn around and start strengthening, but it will limit the sell-off”.
Russian rouble little changed in sluggish trading
Since October and the rouble’s most recent slide to 100 against the dollar, a presidential decree forcing exporters to convert some foreign currency revenue has provided support, as have elevated interest rates. Russian stock indexes strengthened.
The dollar-denominated RTS index was up 0.4% at 1,067.27 points.
The rouble-based MOEX Russian index rose by 0.26% to 3,102.91.
Comments
Comments are closed for this article.