MOSCOW: The rouble weakened slightly against the US dollar and the Chinese yuan, continuing an eight-week weakening trend, but strengthened against the euro, with some support for the Russian currency expected towards the end of the month.
By 0730 GMT, the rouble was down by 0.4% at 97.10 against the US dollar and down by 0.2% at 13.36 against China’s yuan, according to data compiled by LSEG.
Western sanctions, imposed on the Moscow Stock Exchange (MOEX) and its clearing agent, the National Clearing Centre, on June 12, stopped all trade in dollars and euros at MOEX, making China’s yuan the most-traded foreign currency in Russia. Trade in dollars and euros has shifted to the over-the-counter (OTC) market, obscuring price data.
Analysts said the currency would be supported by an expected central bank’s rate hike on Oct. 25, increased sales of yuan by the state, and increasing currency sales by exporters in order to pay their taxes in roubles at the end of the month.
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