MOSCOW: The Russian rouble steadied near 90.5 to the dollar on Tuesday, settling after sliding to a near three-week low in a volatile session on Monday.
At 0749 GMT, the rouble was 0.1% weaker against the dollar at 90.64 and had lost 0.5% to trade at 97.53 versus the euro. It had shed 0.3% against the yuan to 12.59.
The rouble began depreciating in mid-January and has now settled around 90 to the dollar, said Sber Investments strategist Yuri Popov.
“It seems growing demand for foreign currency put pressure on (the rouble),” Popov said. “We believe the rouble’s strengthening potential is limited and it will stay near 90 to the dollar in February.”
Popov said the probable extension to capital controls requiring exporters to convert foreign currency revenue beyond April 30 would support the rouble.
The central bank swiftly opposed the government’s proposal for an extension, but the measure was supported by other key decision makers.
The rouble is also susceptible to shifts in state foreign currency interventions.
Russian rouble hits near three-week low vs dollar
The finance ministry on Monday said it would switch back to making FX purchases from sales in the month ahead, but the central bank’s separate interventions mean the state is still making net sales for now.
Brent crude oil, a global benchmark for Russia’s main export, was up 0.4% at $78.31 a barrel. Russian stock indexes were broadly higher.
The dollar-denominated RTS index was unchanged at 1,124.0 points.
The rouble-based MOEX Russian index was 0.2% higher at 3,234.2 points.
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